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Anson Resources receives SPP applications totalling $1.045 million

The company recently made further progress towards development of its bromine and lithium production plan at its Paradox Brine Project in the USA with land and cultural surveys accepted by the Utah State Government.

Anson Resources Ltd - Anson Resources receives SPP applications totalling $1.045 million before closing on July 10
Anson is currently finalising a $1 million top-up placement for professional investors

Anson Resources Ltd (ASX:ASN) received applications from eligible shareholders totalling $1.045 million before closing its share purchase plan (SPP) on July 10.

The company recently extended the closing date to allow eligible shareholders additional time to participate in the SPP to raise up to $2 million as part of a $3 million capital raising effort.

This decision was made due to the impact COVID-19 had on the time taken for the prospectus and application forms to reach all shareholders.

Anson is also finalising the $1 million top-up placement to professional and sophisticated investors at the same issue price as the SPP to raise a further $1 million.

Funds to advance Paradox project

Funds raised will be used to advance the pre-feasibility study, environmental studies, permitting, other exploration at the Paradox Brine Project in the US state of Utah and for general working capital.

The SPP is partially underwritten to $1 million by Pendragon Capital Limited.

New shares for issue on July 21

Anson provided all eligible shareholders with the opportunity to participate in the SPP and has finalised the SPP in accordance with ASX Listing Rules.

As set out in the company’s prospectus released to ASX on June 16, the new shares will be issued at a 20% discount to the volume-weighted average market price of Anson shares, calculated over the last five days on which sales in the shares are recorded before the issue date.

The issue of the SPP shares is scheduled for July 21.  

 

Quick facts: Anson Resources Ltd

Price: 0.023 AUD

ASX:ASN
Market: ASX
Market Cap: $18.02 m
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Anson Resources initiates $3 million fundraising to advance its Paradox...

Anson Resources Ltd (ASX:ASN) CEO Bruce Richardson tells Proactive the firm has launched a share purchase plan (SPP) offer to raise up to $2 million as part of a $3 million capital raising effort to advance its Paradox Brine Project in Utah. Richardson says the funds raised will be used to...

on 06/16/2020

2 min read