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Proactiveinvestors is a leading multimedia news organization, investor portal and events management business with offices in New York, Sydney, Toronto and London. Proactiveinvestors operates five financial websites in four languages providing breaking news, comment and analysis on hundreds of... More
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  • Reed Resources Closes Underwritten $40 Million Entitlement Offer 0 comments
    May 7, 2012 7:14 PM

    Reed Resources (ASX: RDR) has closed its fully underwritten $40 million Entitlement Offer, with funds to go towards the development of the Meekatharra Gold Project.

    The company offered three new shares for every four held, at a price of $0.20, a 30% discount to the closing price of $0.285 before the trading halt was granted pending announcement of the offer.

    Funds raised through the entitlement offer will be used for accommodation, facilities upgrade, plant refurbishment, infrastructure, pre-commissioning costs and capital raising costs, as well as for general working capital purposes.

    New shares under the offer will be allotted on May 10, 2012, with updated holding statements to be dispatched about May 11, 2012.

    The equity raising follows the recent completion of the Bankable Feasibility Study and the decision to mine at Meekatharra. The underwriters are Bligh Capital Partners.

    Proactive Investors is a market leader in the investment news space, providing ASX "Small and Mid-cap" company news, research reports, StockTube videos and One2One Investor Forums.

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