Alligator Energy Ltd (ASX:AGE) has dispatched a share purchase plan (SPP) booklet to eligible shareholders to raise a maximum of $3 million.
The subscription price represents a 17.3% discount to the volume-weighted average price (VWAP) over the last five days on which trading of AGE’s shares on the ASX was recorded prior to the announcement of the SPP, which was $0.0629.
The SPP was announced on September 20 and allows shareholders to apply to purchase shares on the same terms as AGE’s recent placement.
The placement raised $25.5 million and was strongly supported by high net worth and institutional shareholders in Australia and overseas.
AGE CEO Greg Hall spoke with Proactive’s Andrew Scott recently to detail the placement:
Use of total funds
Proceeds of capital raising will assist AGE to evaluate and fund potential future uranium and energy mineral opportunities.
The SPP (subject to any oversubscriptions accepted by AGE), will comprise the issue of up to 57,692,307 new shares.
The proposed use of the funds raised under the SPP will go to the following:
- Samphire - feasibility study and mining lease application;
- Samphire - ongoing resource drilling and geophysics program;
- Exploration of targets at Nabarlek North (ARUP) and follow-up drilling at Big Lake:
- Business development opportunities; and
- Corporate costs and general working capital.
SPP details
Under the SPP, eligible shareholders can apply for a maximum of $30,000 of new shares, at the subscription price of $0.052 per new share.
Eligible shareholders who apply for new shares under the SPP will also be invited to apply for one free attaching option for every two new shares subscribed for in the SPP.
Each new option will have an exercise price of $0.078 and expiring two years from the date of issue.
Shareholders may apply only for new shares in one of the following amounts:
The application period will close at 5.00pm (Brisbane time) on Tuesday, October 17, 2023.
The following is AGE's indicative SPP timetable:
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