MinRex Resources Limited (ASX: MRR) Announces Loyalty Option Offer
Loyalty Option Offer Details
MinRex Resources Limited (ASX: MRR) is set to launch a pro-rata non-renounceable entitlement issue. Eligible shareholders will receive one option at a price of $0.001 for every four shares held, potentially raising approximately $271,217. The New Options will be exercisable at $0.02 and will expire on 20 January 2030.
Based on current securities, around 271,216,875 New Options may be offered. Any fractional entitlements will be rounded down to the nearest whole New Option. The initiative aims to reward the loyalty of shareholders while providing necessary working capital for the Company.
Timetable and Conditions
The Company has submitted a prospectus with the Australian Securities and Investments Commission (ASIC). The prospectus will be dispatched to eligible shareholders on 29 January 2025. The Offer will not be underwritten, and unclaimed entitlements will result in a shortfall, which may be placed within three months after the closing date.
The indicative timetable for the Offer includes key dates, such as the opening date on 29 January 2025 and the closing date on 7 February 2025. MinRex Resources intends to apply for the quotation of the New Options, though this is contingent on meeting ASX requirements.
Executive Commentary
The Board of MinRex Resources supports this Offer as a strategic measure to engage with and reward loyal shareholders, asserting the Company’s commitment to its investors.
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