Red 5 Limited (ASX: RED) has received applications for a total of 55,652,500 ordinary shares for gross subscription proceeds of A$8,904,400 from the Share Purchase Plan offer announced on October 3, 2022.
Under the terms of the offer, eligible shareholders were entitled to purchase up to A$30,000 worth of shares, at a subscription price of A$0.16 per share, being the same price as the share placement of A$60 million also announced on October 3, 2022. The Share Purchase Plan closed on October 27, 2022.
As a result of the strong support for the Share Purchase Plan from the company’s retail shareholders and in accordance with the terms of the Share Purchase Plan offer, the Directors have decided to accept over-subscriptions to the full amount subscribed, so that these shareholders are able to participate to the fullest extent of the applications submitted.
The funds raised under the Plan will provide additional working capital to support the ramp-up of gold production at the King of the Hills gold mine in Western Australia.
For further information please visit: https://www.red5limited.com
