Oakdale Resources Ltd (ASX:OAR) has raised a total of $497,233 as part of the share purchase plan (SPP) after receiving $218,000 from eligible shareholders with the remainder raised by the underwriters.
The response represents a 43% take-up of the SPP, which the company described as a ‘very positive’ response from existing shareholders.
The SPP had the ability to raise up to $500,000 and was partially underwritten by PAC Partners Securities Pty Ltd.
Nominees of PAC Partners subscribed for $279,223, the remaining of the underwritten amount.
The SPP issue price per share was calculated at 0.834 cents per share, which represented a 15% discount to the five-day volume-weighted average price of shares trading on ASX.
A total of more than 26.13 million shares will be issued to eligible shareholders who participated in the SPP and a total of 33.48 million shares will be issued to nominees of PAC Partners, subject to shareholders approval.
Shares to be issued pursuant to the SPP will be allotted on Friday, August 30, by the share registry.
Funds raised from the SPP will provide Oakdale with additional funds to work on the Chimu Gold Plant in Peru and advance the company’s interest in the Nevada-based Alpine Gold Project.