The Sprott Inc (TSE:SII) (NYSE:SII) entity reached this status on June 25 after acquiring more than 3.611 million shares at an average price of A$0.14 per share in the companys A$4 million capital raising.
Shares in the gold explorer with projects in Canada and Ecuador last traded at A$0.365 and since the close on June 15 are up from A$0.195.
Bookbuild well supported
The recent bookbuild was well supported by sophisticated and institutional investors, including Sprott and an Asia-based natural resources investment fund.
It was completed in two tranches:
- Tranche 1, utilising the companys available capacity under Listing rules 7.1 and 7.1A consists of 7,739,843 shares at A$0.13 per share, to raise A$1,006,179.
- Tranche 2, which was approved by shareholders at a general meeting, consists of 18,430,025 shares at an average price of A$0.16 per share, to raise approximately A$3 million.
Use of funds
Proceeds from the Tranche 1 placement will be applied to the companys exploration projects in Ecuador and for generRead More – Source