Miramar Resources Extends Entitlement Offer Closing Date to July 18, 2024
M2R (M2R) Share Update July 2024 Tuesday 9th
Miramar Resources Extends Entitlement Offer Closing Date
Miramar Resources Limited (ASX: M2R) has announced an extension to the closing date of its non-renounceable entitlement offer, providing shareholders with additional time to participate.
Instant Summary:
- Extension of the entitlement offer closing date to July 18, 2024.
- Issue price of $0.008 per share with one free attaching option per share.
- Potential to raise up to $1,625,589 through the entitlement offer.
- Revised timetable for key dates in the entitlement offer process.
Entitlement Offer Extension
Miramar Resources Limited (ASX: M2R), referred to as 'Miramar' or 'the Company,' has announced an extension to the closing date of its non-renounceable entitlement offer. Originally set to close earlier, the new closing date is now 5:00pm (WST) on Thursday, July 18, 2024. This extension aims to ensure that all eligible shareholders have ample opportunity to participate, especially considering potential delays in the mailing process in Australia and New Zealand.
The entitlement offer allows eligible shareholders to acquire one fully paid ordinary share for every share they currently hold at an issue price of $0.008 per share. Additionally, for every share applied for and issued, shareholders will receive one free attaching option to acquire another share, exercisable at $0.018 on or before three years from the issue date. The offer aims to raise up to $1,625,589, as detailed in the prospectus dated June 21, 2024.
Revised Timetable
The revised timetable for the entitlement offer is as follows:
- Closing Date of Offers: Thursday, July 18, 2024, at 5:00pm (WST)
- Securities quoted on a deferred settlement basis: Friday, July 19, 2024
- ASX notified of under subscriptions: Tuesday, July 23, 2024
- Issue date and lodgement of Appendix 2A with ASX: Thursday, July 25, 2024
- Quotation of securities issued under the entitlement offer: Friday, July 26, 2024
Note that the directors may extend the closing date by giving at least three business days' notice to the ASX prior to the closing date. Therefore, the date the securities are expected to commence trading on the ASX may vary.
Participation Details
Further details of the entitlement offer, including how to accept the offer and key risks associated with investing in the company, are outlined in the prospectus. Applications for new shares and the free attaching option can only be made by completing the entitlement and acceptance form that accompanies the prospectus. Eligible shareholders are encouraged to read the prospectus carefully and consult their professional advisers as necessary.
The extension of the entitlement offer closing date is likely to have a mixed impact on Miramar Resources' stock. On one hand, it provides more time for shareholders to participate, potentially increasing the total funds raised. On the other hand, the delay could be seen as a sign of insufficient initial interest, which might affect investor sentiment. Overall, the impact on the stock price is expected to be neutral to slightly positive, depending on the final subscription levels.
Investor Reaction:
Investor reactions have been varied. Some shareholders appreciate the additional time to participate in the offer, while others are concerned about the potential reasons behind the extension. Analysts suggest that the final impact will depend heavily on the total funds raised and the subsequent use of those funds by the company.
Conclusion:
Investors should take note of the new closing date for Miramar Resources' entitlement offer and consider participating if they have not already done so. The additional time allows for careful consideration and consultation with financial advisers. Monitoring the company's announcements and the final subscription levels will be crucial in assessing the long-term impact on the stock.