Burley Minerals Limited (ASX: BUR) has announced the successful closure of its non-renounceable pro-rata entitlement offer, which was significantly oversubscribed. Combined with a placement announced on April 17, 2025, the company raised over $1.1 million in gross funds, demonstrating strong support from both shareholders and directors. The entitlement offer, which closed on May 9, 2025, saw applications from eligible shareholders totaling $335,955.
Eligible shareholders were also given the opportunity to apply for additional new shares beyond their entitlement under a Shortfall Offer. This offer was also met with strong demand, with $227,936 of shortfall being allocated to shortfall bidders. In total, 18,796,368 new shares and 9,398,159 free attaching options will be issued under the Entitlement Offer and Shortfall Offer on Wednesday, May 14, 2025.
Burley Minerals is focused on iron ore and lithium projects in Western Australia and Québec, Canada. Proceeds from the capital raise will likely support the advancement of these projects. The company recently completed its maiden drilling program at the Cane Bore Iron Project in Western Australia, with assay results expected in early June. Burley also owns a 70% interest in the Yerecoin Iron Project, located northeast of Perth. Additionally, Burley holds 100% ownership of the Chubb Lithium Project in Québec, situated near the operating North America Lithium Operation (NAL).
The oversubscribed entitlement offer suggests strong investor confidence in Burley Minerals’ strategy and project portfolio. The additional capital will enable the company to accelerate its exploration and development activities, potentially unlocking further value from its iron ore and lithium assets.
