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Sultan Resources Launches Funding Boost with Entitlement Offer

6 February 2024 10:13
ASX: SLZ
Sultan Resources Launches Funding Boost With Entitlement Offer

Sultan Resources Limited (ASX:SLZ) has launched a non-renounceable entitlement issue to raise $691,553, offering one new share for every three existing shares held by eligible shareholders, accompanied by a free-attaching listed option, to bolster financial stability and support key projects.

Offer Details

The entitlement issue is open to shareholders listed on the register of members as of 5:00 pm (WST) on February 9, 2024. Priced at $0.014, each new share is designed to generate funds up to $691,553.

Subscribers of three new shares will also be granted a complimentary listed option, exercisable at $0.03, with a three-year validity from the issue date.

Utilisation of Funds

The capital raised through this offering is planned to be allocated strategically. It will primarily fund groundwork for Canadian Lithium assets, preparations for drilling at the Kulin Hill prospect, general working capital needs, and cover the expenses associated with the offering.

Lead Manager

For effective execution, the Company has enlisted the services of Xcel Capital Pty Ltd and ARQ Capital Pty Ltd as Joint Lead Managers.

These entities will play a crucial role in managing the offer, for which they will receive a management fee and, subject to shareholder approval, options on the same terms as the new options offered to shareholders.

Future Activities

Sultan Resources has provided outlined a timeline for its ongoing offering in the tables below.

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Tables 1 & 2: Timeline of events

Shareholders should note that the last day to extend the closing date is February 20, 2024, and the closing date itself is on February 23, 2024, at 5:00 pm WST.

Securities will be quoted on a deferred settlement basis starting February 26, 2024. The final day for the Company to issue Securities under the Offers and lodge an Appendix 2A is March 1, 2024.

SLZ’s Australian Stock Exchange-listed share price is currently trading at $0.015 (10.10am UTC+ 8 hours).

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