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Havilah Resources shareholders show vote of faith with strong rights issue support

In excess of $3 million has been raised and Havilah expects major shareholders and others will subscribe for the shortfall of more than $2 million.

Havilah Resources Ltd - Havilah Resources shareholders show vote of faith with strong rights issue support
The company is “very pleased” with the outcome of the entitlement offer

Havilah Resources Ltd (ASX:HAV) is very pleased with the response of shareholders in raising more than $3 million in a pro-rata non-renounceable rights issue.

The company received valid applications under the entitlement offer to subscribe for more than 31 million new shares from eligible shareholders, representing about 57.5% of all shares offered.

$3.135 million raised

This will result in the company raising $3,135,362.20, subject to clearance of funds and final audit.

The rights issue was announced on October 17, 2019, with the intention of raising approximately $5.46 million, before costs.

Eligible shareholders were offered the opportunity to acquire one new share for every four ordinary shares held as at 7.00pm (Adelaide time) on October 22 at the issue price of 10 cents per share.

Confident of filling shortfall

There was a shortfall of more than 23 million shares and Havilah expects these will be subscribed for by major shareholders and others.

The new shares are scheduled for allotment on Monday, November 18 and are expected to commence

ASX trading on a normal settlement basis from Tuesday, November 19, 2019.

“Strong support”

In a statement, Havilah said: “The company is very pleased with this outcome and thanks shareholders for their strong support.

“Based on indications received the company expects the shortfall shares will be subscribed for by major shareholders and others.”

Havilah will hold its Annual General Meeting on Wednesday, December 18, 2019, at 10am (Adelaide time) at The Auditorium, The Science Exchange, 55 Exchange Place, Adelaide.

Quick facts: Havilah Resources Ltd

Price: 0.093 AUD

ASX:HAV
Market: ASX
Market Cap: $23.71 m
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