Yandal Resources Ltd (ASX:YRL) has closed its one for four non-renounceable pro-rata rights issue, which was oversubscribed and will raise more than $2.94 million.
The issue closed on July 22, 2019, after valid applications and funds were received from eligible shareholders for a total of 5,572,281 new shares at 22 cents per share for almost $1,226 million.
Yandal has subsequently received received commitments for the shortfall which is being finalised and is expected to result in full subscription of the offer being $2,941,309.
In accordance with the prospectus, Yandal Resources reserved the right to place any shortfall securities within three months of the closing date.
Subject to finalisation and as per the timetable for the offer, the issue date of the new shares and attached new options will be July 29, 2019.
The new shares will begin normal trading on the ASX on July 30, 2019.
Funds raised under the offer will primarily be used to accelerate exploration on Yandal’s projects.
The company recently received reverse circulation (RC) drilling results up to 3.71 g/t gold at Flushing Meadows prospect within the Yandal greenstone belt.
Composite assays of more than 4 metres were returned from a program of 27 angled RC holes for 2,430 metres, which drilled about 50 metres apart along strike and 40 metres apart down dip.
Mineralisation was returned on all drill lines with most areas open in both the up-dip and down-dip directions similar to previously released results from drilling on 100-metre spaced lines.
Key exploration activities planned for the September quarter include:
- Reviewing 1-metre results from the 50-metre infill drill program at Flushing Meadows and complete comprehensive QA/QC sampling and analyses ahead of geological modelling; and
- Reviewing results from all projects and generating a priority list of new exploration targets to test.