Bulletin Resources (ASX:BNR) has raised $290,667 after shareholders subscribed for 19,377,825 shares, or about 60.3% of the shares on offer under the for 4 non-renounceable rights issue.
The remaining 12,764,155 shares will be taken up by the underwriter and sub-underwriter. This brings the total raised up to $482,129.
Proceeds will be used to meet the company’s equity requirement for its 20% interest in the Nicolsons Gold Project and finalise the total funding facility which includes the previously announced financing facility with the Commonwealth Bank of Australia.
ACNS Capital Markets Pty Ltd were underwriters to the issue.
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