KENTOR ANNOUNCES SUCCESSFUL $65.2 MILLION CAPITAL RAISING
?Placement of $13.4 million significantly oversubscribed
?Rights issue to raise $51.8 million
?Raising completes equity funding for development of Andash Gold- Copper Project
Kentor Gold Limited (“Kentor” or the “Company”) is pleased to announce the successful completion of a placement of approximately 86.5 million new shares at 15.5 cents per share to raise gross proceeds of A$13.4 million (subject to shareholder approval).
The placement was significantly oversubscribed and keenly sought by both professional and sophisticated investors in Australia, Asia and Europe. The placement price represented a 18.4% discount to the 30 day VWAP of 19 cents per share.
In conjunction with the placement, Kentor is pleased to announce a non-renounceable rights issue to raise a further $51.8 million in gross proceeds. Importantly, the rights issue provides the Company’s existing shareholders with the opportunity to participate in the capital raising. Kentor has received binding commitments from investors to subscribe for their entitlements and any shortfall under the rights issue, providing the Company with funding certainty on the rights issue.
Helmsec Global Capital Limited and RBS Morgans Corporate Limited are acting as Joint Lead Managers for the placement and rights issue. The principal terms of the non-renounceable rights issue are as follows:
?Three (3) new fully paid ordinary shares for every five (5) shares held;
?Issue price of 13 cents per share, representing a 31.6% discount to the 1 month VWAP of 19 cents; and
?A top-up facility will be available allowing eligible shareholders to apply for additional shares over and above their entitlements1.
?Investors in the placement are entitled to participate in the rights issue.
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