New Talisman Gold Mines Concludes Rights Issue, Raises $1.805m NZD
NEW TALISMAN GOLD MINES LIMITED (NTL) Share Update August 2024 Thursday 1st
New Talisman Gold Mines Completes Successful Rights Issue
New Talisman Gold Mines Limited (NZX: NTL, ASX: NTL) has successfully concluded its recent rights issue, raising $1.805 million NZD.
Instant Summary:
- Raised $1.805m NZD through a 1 for 1 rights issue.
- 85,104,277 rights taken up by shareholders.
- Additional 15,036,921 rights applied for over and above entitlement.
- First allotment of shares under shortfall applications raised $79k NZD.
- Two directors have applied for additional shares, subject to shareholder approval.
Rights Issue Details
New Talisman Gold Mines Limited (NTL) has successfully raised $1.805 million NZD through its recent 1 for 1 rights issue. This includes 85,104,277 rights taken up by shareholders and an additional 15,036,921 rights applied for over and above the entitlement.
In addition, NTL has made the first allotment of shares under shortfall applications, raising $79,000 NZD. This comprises 4,340,357 shortfall acceptances. The company is continuing to accept applications for shortfall on the same terms as the original rights issue offer.
Director Participation
Two NTL directors have confirmed their intention to participate in the shortfall, subject to shareholder approval at the Annual Shareholders' Meeting (ASM). Mr. Tacon has applied for $150,000 NZD worth of shares, while Samantha Sharif has applied for $20,000 NZD worth. These applications will be submitted, and the funds held in trust pending shareholder approval.
Future Plans
NTL anticipates closing applications for shortfall later this month but reserves the right to extend or modify the Shortfall Closing Date subject to applicable laws and Listing Rules. The company has already received firm interest in the shortfall shares and continues to welcome inquiries.
For any queries, investors are encouraged to contact John Upperton at [email protected] or phone +64 9 303 1983.
The successful rights issue and additional shortfall applications demonstrate strong shareholder confidence in New Talisman Gold Mines. The raised funds will likely be used to further the company's exploration and development projects, potentially boosting the company's future prospects and stock value.
Investor Reaction:
Analysts are likely to view the successful rights issue positively, as it indicates strong investor support and provides the company with additional capital for growth. However, the participation of directors in the shortfall, subject to shareholder approval, may also be seen as a vote of confidence in the company's future.
Conclusion:
Investors should keep an eye on the upcoming Annual Shareholders' Meeting for the approval of director participation in the shortfall. The successful completion of the rights issue and additional shortfall applications position New Talisman Gold Mines well for future growth. Interested investors can still participate in the shortfall applications.