SUCCESSFUL $2.0M CAPITAL RAISING WITH SPP TO FOLLOW
- Commitments received from institutional and sophisticated investors for a $2.0 million placement at 7 cents/share
- Share Purchase Plan ("SPP") proposed for shareholders at the same 7 cents/share capped at $1.5 million
- Funds to be used to continue ASQ's current exploration activities and working capital
The board of Australian Silica Quartz Group Limited ("ASQ") is pleased to advise that it has received binding commitments for a share placement to institutional and sophisticated investors to raise $2 million before costs through Taylor Collison as Lead Manager.
The Shares will be issued at 7 cents per share representing an 18% discount to ASQ's closing price on 22 September 2020, and a 14% discount to the 5 day VWAP. A total of 28.6 million new shares will be issued representing 13.3% of the current issued capital.
Funds will be used to continue ASQ's current exploration activities and working capital.
The Share Purchase Plan ("SPP") will allow current shareholders the opportunity to subscribe for up to $30,000 of new shares and a minimum of $2,000 at the same issue price of 7 cents/share.
Full details of the SPP and the timetable will be set out in the SPP offer document which will be dispatched to eligible shareholders on or around 2 October 2020.
24 September 2020: | Record Date |
25 September 2020: | Announcement of SPP and Placement |
2 October 2020: | Opening date for SPP |
23 October 2020: | Closing date for SPP |
26 October 2020: | Issue date for new securities under SPP |
This timetable is indicative only and the Company may, at its discretion, vary any of the above dates except for the Record Date and the Opening Date. The final terms of the SPP Offer Document will be settled by the Board for its dispatch to Eligible Shareholders on the indicative date of 2 October September 2020
This Announcement has been authorised by the board.
25 SEPTEMBER 2020
ASX Code: ASQ
AUSTRALIAN SILICA QUARTZ GROUP LTD
ABN: 72 119 699 982
DIRECTORS:
Robert Nash
Non Executive Chairman
Luke Atkins
Non Executive Director
Neil Lithgow
Non Executive Director
Zhaozhong Wang
Non Executive Director
CHIEF EXECUTIVE OFFICER AND COMPANY SECRETARY:
Sam Middlemas
Head Office:
Suite 10, 295 Rokeby Road
Subiaco WA 6008
Mail:
Suite 10, 295 Rokeby Road
Subiaco WA 6008
- +61 8 9200 8200
- +61 9 9200 8299
- admin@asqg.com.au
- www.asqg.com.au
Share Registry:
Automic Group
GPO Box 5193
Sydney NSW 2001
- 1300 288 664 (within Australia)
- +61 2 9698 5414 (international)www.automicgroup.com.au
For further information regarding Australian Silica Quartz Group Limited, please visit www.asqg.com.au or contact:
Australian Silica Quartz Group:
Sam Middlemas
Chief Executive Officer
Tel +61 8 9200 8200
Suite 10, 295 Rokeby Road, SUBIACO WA 6008
Phone: +61 8 9200 8200 Fax: +61 8 9200 8299 www.asqg.com.au