Catalina Resources Ltd (ASX: CTN) announced the results of its non-renounceable pro-rata entitlement offer, which closed on April 8, 2025. The offer sought to raise approximately $2.27 million, offering one new share for every two shares held at $0.003 per share, along with one free attaching share for every five new shares subscribed. Eligible shareholders in Australia, New Zealand, Singapore, and the Peoples Republic of China were able to participate.
The company received applications for 122,914,708 new shares and 24,582,948 free attaching shares. This resulted in gross proceeds of $363,694.62 from the entitlement offer and an additional $5,049.50 from oversubscriptions, totaling $368,744.12. A shortfall of 636,085,292 shares remains, representing $1,908,255.88. The new shares and attaching shares are scheduled for issue on April 15, 2025.
Pareto Capital will now manage a placement to address the shortfall. Catalina Resources expects the combined entitlement offer and shortfall offer to reach the targeted $2.27 million. The shortfall securities will be issued upon receipt of cleared application monies. An Appendix 2A will be lodged to facilitate the quotation of the newly issued shares and attaching shares.
Catalina Resources is focused on mineral exploration and mine development, aiming to create shareholder value through the exploration and development of gold, base metal, lithium, and iron ore projects.
