Blackstone Minerals Limited (ASX: BSX) Completes Entitlement Offer
Entitlement Offer Completed
Blackstone Minerals Limited (ASX: BSX) has successfully completed its Accelerated Non-Renounceable Entitlement Offer. The offer raised approximately $550,000 from institutional investors, including Nanjia Capital Limited, as previously announced.
Under the terms of the Entitlement Offer, eligible shareholders were given the opportunity to purchase one new share for every four existing shares at an offer price of $0.03 each. The retail component has attracted applications for 2,767,788 shares, resulting in a total allocation of 18,650,023 shares from the institutional component. New shares are scheduled for issuance by 4 December 2024.
Shortfall Management
The retail component was partially underwritten by Nanjia Capital for approximately $1.09 million. As a result, Nanjia will acquire 36,349,900 new shares under the underwriting arrangements.
A notable shortfall of 74,946,591 new shares arose from the Entitlement Offer. The company’s directors will collaborate with the lead manager and major shareholders to place these shortfall shares within three months, adhering to ASX Listing Rules and the Corporations Act 2001 (Cth). Further details can be found in the Prospectus dated 4 November 2024.
Executive Comments
“Completing this entitlement offer positions Blackstone for future growth,” stated Scott Williamson, Managing Director of Blackstone Minerals Limited. “We appreciate the support from our shareholders and look forward to advancing our projects.”
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
This article was generated using GPT-4o mini, a Large Language Model (LLM), to generate summaries of investing news. While AI is generating the content, we know better than to blindly trust our future robot overlords, and every article is edited and fact-checked by an editor holding the appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content of everything published by The Capital Club.