Australia

Great Boulder Resources completes oversubscribed entitlement offer to advance WA gold projects

Great Boulder Resources Ltd (ASX:GBR) has completed an oversubscribed non-renounceable entitlement offer of one share for every six shares held by eligible shareholders with applications received for shares valued at more than $1.236 million.

The company thanks shareholders for their continued support following the close on September 11 with the offer at an issue price of 4.3 cents per share being oversubscribed to the tune of almost $280,000.

Eligible shareholders who applied for their full entitlement under the entitlement offer were also able to apply for new shares in excess of their entitlement, through a shortfall offer.

Offer results

The results of the offer are as follows:

Directors have elected to allocate the shortfall pro-rata to shareholders who applied for shares in excess of their entitlement, in exercise of their discretion in accordance with the allocation policy set out in section 2.11 of the companys entitlement offer prospectus dated August 13.

Excess applications will be refunded to shareholders without interest.

Additionally, Great Boulder will issue 1,420,457 fully paid ordinary shares via its placement capacity under Listing Rule 7.1 to the underwriters sophisticated and professional investors at an issue price of 4.3 cents.

Aggressive exploration program

Funds raised will be used for an aggressive exploration program focused on the companys gold projects at Side Well and Whiteheads, including: