The placement attracted strong support from existing shareholders and brokers as well as participation of new shareholders, reinforcing Symbol’s robust business case and long-term strategy to transition into a mid-tier mining company.
Funds will be used to advance exploration activities at the Macy mine including the start of the next drilling campaign and general operating and working capital.
Symbol managing director Tim Wither said: “The completion of the capital raise ensures Symbol has the financial flexibility needed to complete commissioning of the processing plants to achieve commercial production at our Macy mine.
“Mining has been progressing above the expectations and completing the commissioning of the processing plants is the final step to realising our goal of creating a cash generating asset.
“The funding will also allow the immediate commencement of our exploration drill program for additional resources at the Macy operations, following the recent exciting ground geophysics results.”
Symbol is also proposing to undertake a fully underwritten non-renounceable pro-rata entitlements issue which will offer shareholders the opportunity to subscribe for one option at 2 cents on or before June 30, 2021, for every two existing fully paid ordinary shares at an issue price of 1 cent per loyalty option.
About 364.59 million loyalty options will be offered to shareholders under the entitlements issue to raise up to $364,592.56 before costs.