Botswana is undertaking a single tranche placement of up to $362,000 priced at an issue price of 0.1¢ per share to ensure the existing asset portfolio is kept in good standing, review new venture opportunities and to augment working capital.
The Placement will settle in one tranche of 362 million shares utilising the Company’s issuance capacity pursuant to ASX Listing Rule 7.1 and 7.1a.
On settlement of the Placement existing non-executive director Matt Hudson will resign and be replaced by Edwin Bulseco and Josh Letcher. Further board strengthening may occur post completion of the Placement.
Following completion of the Placement the board may consider offering Botswana shareholders an opportunity to obtain additional equity in the Company via a Share Purchase Plan (“SPP”).
Following completion of the Placement and given the expanded capital structure the board may consider undertaking a share consolidation and an unmarketable parcel buy-back.
Xcel Capital has been appointed Lead Manager to the capital raising.
The Placement is only available to investors who qualify under section 708 of the Corporations Act.
BML Price at posting:
0.1¢ Sentiment: None Disclosure: Not Held
