Firm commitments received to raise A$2.5 million
Strong demand from new and existing high-quality institutional and sophisticated investors
Directors participation in the placement of $131,000 subject to shareholders approval
Okapi well-funded to complete the diamond drilling program at the Enmore Gold Project and the Athabasca North American summer exploration program
Okapi Resources Limited (ASX: OKR) (Okapi or the Company) is pleased to announce it has received binding commitments to raise A$2.5 million (before costs) through a placement of approximately 16.6 million new fully paid ordinary shares at an issue price of $0.15 per share (Placement Shares) with one (1) free attaching unlisted options for every two (2) shares subscribed (Placement Options) (collectively, the Placement). The Placement Options will have an exercise price of $0.30 per option and will expire two years from the date of issue. The Placement includes A$131,000 in commitments from Okapi’s Directors (Directors Participation). The Directors Participation is subject to shareholder approval, to be sought at an extraordinary general meeting expected to occur in September 2022.
Net proceeds from the Placement will be used to complete the diamond drilling program at the Enmore Gold Project that commenced in June, the Athabasca North American summer exploration program and general working capital.
The Placement securities will be issued under the Company’s existing placement capacity under ASX Listing Rule 7.1 (4,531,501 Placement Shares and 7,899,834 Placement Options) and 7.1A (11,268,174 Placement Shares) with the exception of the Directors’ Participation which will be issued subject to shareholder approval. Settlement of the Placement (with the exception of the Directors Participation) is expected to occur on Wednesday, 20 July 2022 and the Placement Shares will rank equally with the Company’s existing shares on issue.