PERTH (miningweekly.com) – Junior Bulletin Resources will raise A$3.63-million in a non-renounceable rights issue and share placement to fund exploration work in Western Australia.
The company will place up to 59.7-million new shares and 19.9-million new options in a one-for three non-renounceable rights issue, priced at 4.5c a share, to raise up to A$2.6-million.
Following the non-renounceable rights issue, the company would also place up to 20-million new shares, and 6.67-million new options to raise a further A$900 000, and would also place 45-million new options, at an issue price of 0.1c each, to raise a further A$45 000.
“The board has come to the conclusion that a stronger balance sheet will enable Bulletin to both progress exploration at the Lake Rebecca gold project where exploration so far has given us confidence in the project, but also to act on new opportunities that may arise from time to time,” said chairperson Paul Poli.
“The board believes the best way to do this is via a non-renounceable rights issue that gives all shareholders the opportunity to participate at a discounted price