Great Western Exploration Ltd (ASX:GTE) has confirmed that existing shareholders have subscribed for $487,502.60 worth of shares under the company’s non-renouncebale underwritten entitlements offer.
This represents more than 79% of the proposed amount with the remainder subject to an underwriting agreement with Hartleys Ltd.
This offer comprised three shares for every two shares held at the record date which was made on June 5 before closing on Thursday, July 2.
Great Western has advised that the underwriter is aware of the shortfall being $125,687.38 worth of shares.
The shortfall, which represents more than 12.568 million shares, will be placed by Hartleys Ltd as disclosed in section 4.7 of the prospectus and consistent with the terms of the underwriting agreement.
Great Western expects to issue all of the 61,318,998 shares available under the offer on July 9 and lodge an Appendix 2A with ASX to apply for quotation of the shares on July 9.
The company’s share registry will also proceed to refund any overpayments.