Perth-based Juno Minerals will conduct a pro-rata non-renounceable entitlement offer to existing eligible shareholders.
Eligible shareholders for the offer include shareholders with a registered address in Australia, New Zealand, the UK, South Africa, the Cayman Islands, the Netherlands, the People’s Republic of China, Guernsey and Jersey as of September 28.
Juno Minerals is seeking to raise up to about $3.6 million through the offer of one new fully paid ordinary share for every three shares held by eligible shareholders registered on September 28 at an issue price of $0.08 per share.
The offer is not underwritten and does not have a minimum subscription, and up to 45 million shares will be issued under it.
Juno Minerals will use funds gained from the offer to advance lithium prospectivity in its Mount Ida magnetite project through the Mount Ida lithium prospect, as well as exploration costs associated with the Mount Ida magnetite project and the Mount Mason hematite project, and general working capital requirements.
The $3.6 million entitlement offer comes as Juno Minerals uncovered two well-defined lithium anomalies at its Mt Ida magnetite project earlier this month.
“Shareholders who do not take up all or any part of their entitlement will not receive any payment or value in respect of the entitlement not taken up and their equity interest in the company will be diluted,” Juno Minerals said.
“Shares issued under the offer will rank equally with existing shares on issue on the record date. The company will make application for official quotation of the new shares proposed to be issued under the offer.”