Boadicea raises $2.155 million to advance critical minerals exploration

Boadicea Resources Ltd (ASX:BOA) has raised more than $2.155 million in a pro-rata renounceable rights issue of three fully paid ordinary shares in the capital of the company for every five shares held at an issue price of $0.05 per share.

Proactive Investors reported this initiative was well supported and resulted in the distribution of more than 43.11 million new shares and 21,556,090 new options to eligible shareholders.

Moreover, one free-attaching option, exercisable at $0.10 and set to expire on January 30, 2026, was offered for every two shares issued.

Moving forward, the net proceeds from the offer will enable Boadicea to advance its planned exploration of critical minerals projects, including lithium and nickel, in some of Australia’s most prospective resource regions.

Offer summary

The new shares represent about 89.84% of all shares offered under the rights issue, and the new options will be quoted under the ASX code BOAO.

The rights issue was partially underwritten by Mahe Capital Pty Ltd, including sub-underwriting by directors.

In conjunction with shortfall shares subscribed by existing shareholders and by new shareholders, the company has received firm commitments for a further 34,629,016 shares under the shortfall offer.

Boadicea has thanked existing and new shareholders for their support of the rights issue, particularly in these difficult times.

Directors participate

The company’s directors and management took up their entitlements and also participated in the shortfall, demonstrating their strong commitment to and confidence in the company’s projects and its future.

These new securities are expected to be issued on Monday, July 10, 2023, in accordance with the timetable in the prospectus.

The directors reserve the right, in conjunction with the lead manager, to place any remaining shortfall shares, with attaching options, at their discretion on or before September 13, 2023, being within three months of the date of the prospectus for the rights issue of June 13, 2023.