KGL Resources (ASX:KGL) has announced a non-renounceable entitlement offer to raise up to $7.7 million. The offer, priced at $0.095 per new share, provides eligible shareholders the opportunity to purchase one new share for every eight existing shares held. The funds raised are earmarked for transitioning the Jervois project towards construction, corporate financial advisor fees to secure project funding, project execution planning, technical review, and general corporate and site overheads. The offer is subject to a minimum raise of $3 million. KMP Investments Pte. Ltd., KGL’s major shareholder, has committed to fully take up their entitlement, injecting $2.7 million into the company, signalling confidence in the project’s viability. According to the company, the release of the Feasibility Study Update, demonstrating the Jervois Project’s sound economics, has changed focus. Executive Chairman Jeff Gerard commented the company is now at the point to advance the project after exploration and studies. The key dates include an ex-date of March 10, 2025, a record date of March 11, 2025, offer opening on March 14, 2025, and closing on March 25, 2025. Results are expected to be announced on March 28, 2025, and new shares are anticipated to commence normal trading on April 2, 2025. KGL has reserved the right to amend these dates, subject to regulatory requirements and ASX listing rules.
