Great Boulder Resources Ltd (ASX:GBR) has closed its non-renounceable entitlement offer of one new share for every ten shares held at an issue price of $0.082 per new share.
Eligible shareholders who applied for their full entitlement under the offer were also able to apply for new shares in excess of their entitlement, through a shortfall offer.
The results of the entitlement offer are as follows:
The directors have elected to allocate the shortfall to shareholders who applied for shares in excess of their entitlement, in exercise of their discretion in accordance with the company’s allocation policy.
Moreover, an additional ~12.19 million shares will be issued at the discretion of the Great Boulder directors to raise an additional $1 million to accommodate the excess demand from professional and sophisticated investors following the completion of the entitlement offer.
Read: Great Boulder Resources ramps up Side Well exploration with phase two RC drilling underway
GBR is ramping up its exploration efforts at the Side Well Gold Project near Meekatharra in Western Australia with a 5,000-metre reverse circulation (RC) drill program underway at Ironbark and Mulga Bill prospects, following a string of drill results described as "sensational".
The priority for the phase two program includes extending resources along strike and down dip of previous high-grade intersections.
Meanwhile, GBR’s aircore drilling is nearing completion at the northern end of Mulga Bill with assays expected shortly.
Heritage survey at Wellington
GBR is also finalising plans for the first heritage survey of the Wellington Project by traditional owners from the Tarlka Matuwa Piarku Aboriginal Corporation (TMPAC), which is expected to begin in late May.
Subsequently, this survey will kick off a soil sampling program at Wellington.
The survey's start was delayed due to rainfall in the region in late March and early April.
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