Boadicea closes heavily oversubscribed renounceable rights issue raising $2.98 million

Proactive Investors has reported that Boadicea Resources Ltd’s (ASX:BOA) fully underwritten pro rata renounceable rights issue has closed significantly oversubscribed, raising $2.98 million before costs.

Shareholders have subscribed for 6,649,364 entitlements (53.5% of total entitlements), with a shortfall of 5,779,785 entitlements (46.5%) placed by the lead manager, Peak Asset Management.

To accommodate a portion of excess demand, the company has also agreed to undertake a placement to raise an additional $750,000 on the same terms and conditions as the rights issue.

Following completion of the rights issue and the placement, the total amount raised will be $3.73 million, before costs.

Funding exploration

Funds raised will be utilised to accelerate the company’s planned exploration activities, to pursue opportunistic business development projects, for general working capital and expenses of the offer.

Boadicea managing director Jonathan Reynolds said: “The board thanks our shareholders for the strong support they have shown the company during the rights issue, demonstrating their continued support and enthusiasm for our future prospects.

“We would also like to thank Peak Asset Management for introducing new sophisticated investors to our register.

“We welcome our new shareholders and look forward to providing updates to shareholders as we explore the company’s highly prospective gold, copper and nickel exploration assets.”

The company will use proceeds to boost exploration at the Koongulla Copper-Gold Project in the Paterson Province in Western Australia where it has identified a highly prospective and relatively shallow dome feature.