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Kogi Iron raising up to $1.32 million to advance Agbaja Cast Steel Project

The funds to be raised will provide working capital funding whilst Kogi arranges further funding required to complete the Agbaja DFS.

Australian dollar notes
Directors have extended their support

Kogi Iron Ltd (ASX:KFE) is offering eligible shareholders the opportunity to participate in a fully underwritten pro-rata non-renounceable entitlement issue to raise up to $1,323,289.

The shareholders are offered one new listed option for every five Kogi shares held on the record date at an issue price of one cent per option.

READ: Kogi Iron negotiates funding proposals to advance Nigerian cast steel project DFS

The options issued will be exercisable by paying 10 cents per option at any time on or before 5.00 pm (WST) on December 31 2021. The shares issued on exercise of the options will rank equally with the shares already on issue.

Those directors who hold shares have confirmed they will be taking up their pro-rata entitlements in full, and for those directors who do not currently own securities in the company, they have agreed to sub-underwrite a portion of the amount to be raised.

The funds to be raised under the entitlement offer, being up to $1,323,289, will provide working capital funding whilst it arranges further funding required to complete the definitive feasibility study (DFS) for the Agbaja Cast Steel Project in Nigeria.

READ: Kogi Iron moves to the next phase of Agbaja Cast Steel Project DFS

The entitlement offer is conditionally underwritten by Patersons Securities who is also acting as corporate advisor and lead manager for the entitlement offer.

Key dates for the offer

Quick facts: Kogi Iron Ltd

Price: 0.03 AUD

ASX:KFE
Market: ASX
Market Cap: $23.2 m
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