Together with the share placement on July 30, 2020, that raised $2.75 million (before costs), completion of the entitlement offer concludes the company’s $5 million capital raising.
Completion of the entitlement offer provides the green light for the company to change its name to Marvel Gold Limited (ASX:MVL) reflecting its transition to gold explorer and this is expected to occur this week.
The offer closed at 5pm on Wednesday, August 12, 2020, and was strongly supported by eligible shareholders, who applied for 81,939,363 new shares for proceeds of around $1.64 million.
There was a shortfall of 33,072,192 new shares, for proceeds of about $670,000, which have been allocated to the underwriters - Bridge Street Capital Partners and Capital DI Limited.
The company will now proceed with the planned name change to Marvel Gold Limited to reflect the focus of its activities on its gold exploration projects in Mali - Tabakorole and Lakanfla.
An 8-hole (1,544-metre) diamond drilling program was recently completed at Tabakorole, which delivered high-grade results including 38 metres at 2.1 g/t from 145 metres.
The company has also scheduled 3,500 metres of drilling at its Lakanfla project, which is expected to begin next month.