Suvo Strategic Minerals Limited (ASX: SUV) has provided an update on a share purchase plan (SPP) detailed in the offer booklet. The SPP provides eligible shareholders of the company with the opportunity to acquire up to A$30,000 worth of fully paid ordinary shares (Shares), at an issue price of A$0.03 per share, pursuant to which the company intends to raise approximately A$1M (before costs) (SPP Offer).
The company is pleased to announce that the SPP offer, which opened on 20 February 2024, is fully subscribed and the company has received applications in excess of US$1M under the SPP offer.
Considering the increased demand for the SPP, the Suvo board of directors has resolved to accept further subscriptions of up to an additional A$500,000, thereby increasing the SPP offer to a total of A$1.5M (before costs).
Given the level of interest in the SPP offer the board has also resolved to close the SPP offer early to minimize the impact of any potential scale back of applications. Initially anticipated to close at 5:00pm (AWST) on Tuesday, 12 March 2024, the SPP offer will close at 5:00pm (AWST) on Tuesday, 27 February 2024. Any application monies received after that time will not be accepted and will be returned.
Other than the increase to the size of the SPP offer and the changes to the timetable, the terms of the SPP offer remain unchanged.
Amounts raised under the SPP will be used primarily to fund the production ramp up of the Pittong hydrous kaolin plant and to fast-track commercialization of the company’s intellectual property for geopolymer concrete.
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