Flynn Gold Ltd (ASX:FG1) will use $2.455 million raised in a partially underwritten non-renounceable entitlement offer to continue exploration across its portfolio of gold and battery metals projects in Tasmania and Western Australia.
The company anticipates issuing 24.55 million new fully paid ordinary shares as a result of the offer, which was announced on December 19, 2022, and closed on February 2, 2023.
Of this total, 6,078,403 shares will be issued to shareholders who accepted their entitlements and successful applicants for shortfall shares and 18,471,597 shares, which the underwriter Henslow subscribed for.
This arrangement is in accordance with an underwriting agreement dated December 15, 2022.
“Continued support”
Flynn Gold CEO Neil Marston said: “On behalf of the board we would like to thank all shareholders for their continued support of the company.
"We look forward to using the funds raised to continue our exploration efforts across our portfolio of gold and battery metals projects with the aim of growing the company for the benefit of all shareholders.”
Shares under the entitlement offer are anticipated to be issued on February 9, 2023.
The number of shares on issue in the company after the issue of the entitlement offer shares before shortfall shares are issued will be 133,895,735.
The effects of the entitlement offer on the capital structure of the company.
About Flynn Gold
Flynn Gold is an Australian mineral exploration company with a portfolio of exploration projects in Tasmania and WA.
The company has eight 100%-owned tenements in northeast Tasmania and has established a portfolio of gold-lithium exploration assets in the Pilbara and Yilgarn regions of Western Australia.
Flynn has prospective tin projects within its northeast Tasmania Gold Project, as well as two zinc-silver tenements on Tasmania’s mineral-rich west coast.