Thundelarra (ASX:THX) has raised $2.54 million in its recently closed rights issue representing an impressive 60% take-up under the issue.
The maximum number of shares that were available to be issued was 170.6 million leaving a shortfall of 68.9 million shares.
Demand for these shortfall securities far exceeded the 68.9 million available and as such Thundelarra has agreed to undertake a private placement to accommodate for some of this demand.
The additional placement to unrelated sophisticated investors is for 38 million shares and 19 million options to be issued on the same terms as the rights issue raising an additional $950,000.
This brings funds raised by the rights issue, shortfall and additional placement to circa $5.215 million before costs.
Philip Crabb, chairman, commented: “On behalf of the board I want to thank shareholders for their tremendous support for the offer – it is a great endorsement by shareholders of the company’s gold focus strategy.”