Yandal Resources Ltd (ASX:YRL)’s managing director Lorry Hughes has participated in the rights issue by purchasing shares worth $50,000.
On July 20 Hughes purchased 200,000 shares, increasing the total number of securities held after the change to more than 3.188 million shares.
Non-renounceable rights issue
The company raised more than $3.342 million in its non-renounceable pro-rata entitlements rights issue announced on June 12.
Under the rights issue, eligible shareholders were offered the opportunity to acquire one new share for every five shares held at the record date on June 17 at an issue price of 25 cents per new share.
The board of directors is very pleased with the high level of interest to participate in the issue from existing shareholders and would like to thank them for their ongoing support.
Yandal is now finalising the placement of the 4,871,093 shortfall shares and will advise the market upon completion.
The new shares were scheduled for allotment on Monday, July 20, and were expected to begin ASX trading on a normal settlement basis from Tuesday, July 21.