Proceeds from offering slated to fund exploration at Yeneena Project
By Devika Patel
Knoxville, Tenn., Oct. 27 - Encounter Resources Ltd. said it has received commitments for a private placement of shares via manager Bell Potter Securities Ltd.
The company will sell 7.5 million shares at A$0.80 apiece, an 18.37% discount to the Oct. 26 closing share price of A$0.98 and a 9.6% discount to the 10-day volume weighted average price of the shares prior to the trading halt announced on Oct. 25, for A$6 million.
Proceeds will be used to accelerate and expand the company's exploration programs at the Yeneena Project and to provide working capital.
Encounter is a mineral exploration company based in West Perth, Australia.
| Issuer: | Encounter Resources Ltd.
|
| Issue: | Shares
|
| Amount: | A$6 million
|
| Shares: | 7.5 million
|
| Price: | A$0.80
|
| Warrants: | No
|
| Manager: | Bell Potter Securities Ltd.
|
| Pricing date: | Oct. 27
|
| Stock symbol: | Australia: ENR
|
| Stock price: | A$0.98 at close Oct. 27
|
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