Ironbark Zinc Ltd (ASX:IBG) is offering a share purchase plan to eligible shareholders at an issue price of 1.5 cents per share to raise up to $1.5 million.
Participation under the plan is available exclusively to shareholders of Ironbark who are registered as holders of shares at 5 pm (WST) on July 3 2019 (record date).
The plan entitles eligible shareholders, irrespective of the size of their shareholding, to purchase up to $15,000 worth of shares.
Indicative timetable
Notably, the offer price of 1.5 cents per share is at a discount of 19% to 1.85 cents being the volume weighted average market price (VWAP) of Ironbark shares over the last five days.
Whilst Ironbark intends to raise $1.5 million, the company reserves the right to accept additional applications subject to shareholder demand.
READ: Ironbark Zinc focused on world-class zinc and lead project in Greenland
At its flagship world-class Citronen base metal project in Greenland, Ironbark is working hard to secure finance to develop the project by pursuing long-term debt provided by major international banks, private equity financing and export credit agencies.
The company is working with several groups interested in forming part of the financing package with the possibility of additional streaming financing.