Geopacific Resources Limited (ASX:GPR) Launches $40 Million Entitlement Offer
Entitlement Offer Details
Geopacific Resources Limited (ASX:GPR) has launched a renounceable pro-rata entitlement offer to raise approximately A$40 million. Shareholders can acquire 1.69 new ordinary shares for each share they hold at an offer price of A$0.02 per share. The offer is set to close on 17 January 2025, with strong backing from the Deutsche Balaton group and new investors including Patronus Resources Limited.
Use of Proceeds
The funds raised will primarily support a 30,000 metre drilling program aimed at enhancing the existing mineral resource of 1.67 million ounces (Moz) of gold at the Woodlark Gold Project. The proceeds will also allow for an updated Definitive Feasibility Study (DFS), engineering design, and general working capital purposes.
CEO Comments
James Fox, CEO of Geopacific Resources, stated, “Strong support for the Entitlement Offer will help unlock the significant underlying value and upside potential of the 1.67 Moz Woodlark Gold Project.” Fox highlighted the ongoing exploration review and the identification of high-priority targets for potential resource growth, aiming to generate a continuous news flow that serves as catalysts for share price movements.
Key Dates
Important dates for the entitlement offer include the ex-date on 23 December 2024 and the record date on 24 December 2024. Eligible shareholders will receive the offer booklet on 31 December 2024, and trading of new shares is expected to commence on 28 January 2025.
Motley Fool contributor Abbie Stokes 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.
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