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King River Resources launches SPP for shareholders to purchase up to $30,000 in shares

The company continues to make progress with an updated pre-feasibility study at its Speewah Specialty Metals Project.

King River Resources Ltd - King River Resources announces security purchase plan to shareholders of up to $30,000 worth of shares
The company holds 3,334 square kilometres of mineral leases in the East Kimberley of Western Australia

King River Resources Ltd (ASX:KRR) has launched a Security Purchase Plan (SPP) for existing shareholders to be able to purchase up to $30,000 worth of additional shares.

There are currently has more than 4,600 shareholders and the maximum allowable issue is 374,591,566 shares, which would equate to more than $12 million.

The issue price for each share under this SPP offer will be 3.3 cents, which represents a discount of 20% to the VWAP price of KRR shares traded on the ASX over the last five days and a discount of 18.5% to the closing price on June 22, 2020.

Funds raised will be applied to fund ongoing development and exploration of the company’s projects and for general working capital.

SPP details

This SPP offer will also include one free attaching option for every three shares issued. Each option will have an exercise price of 6 cents and an expiry date of July 31, 2022.

The record date for shareholder participation in the SPP is June 22, 2020.

Those shareholders with a registered address in Australia and New Zealand will be entitled to apply under the SPP.

The SPP Offer will thereby be made under a prospectus and shareholder approval will be sought to the issue of shares and options under the SPP Offer and will be conducted on the same terms as a SPP that is ordinarily undertaken under ASIC Corporations Instrument relief.

Eligible shareholders may each apply for up to $30,000 of new shares.

Quick facts: King River Resources Ltd

Price: 0.031 AUD

ASX:KRR
Market: ASX
Market Cap: $48.16 m
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King River Resources Ltd - Elevator Pitch

Anthony Barton, non executive chairman of King River Resources Ltd (ASX:KRR), pitches the company to investors. For more information visit https://kingriverresources.com.au/

on 24/1/19

2 min read