Yandal Resources Limited (
In conjunction with the Placement, Yandal is undertaking a 1 for 5.15 non-renounceable rights issue ("Rights Issue") at $0.12 per share to raise up to approximately $2.7 million (before costs). For every 2 New Shares subscribed for under the Rights Issue, eligible shareholders will receive 1 free attaching New Option (on the same terms as the New Options to be issued under the Placement).
The Rights Issue is open to eligible shareholders, being those shareholders recorded by the Company as shareholders on the Record Date of 18 October 2022 ("Eligible Shareholders"). The Rights Issue is set to open on the 21 October and close on 4 November 2022 (unless extended in accordance with the ASX Listing Rules), and Eligible Shareholders are entitled to apply for New Shares in excess of their entitlement.
Please refer to the Company's Prospectus dated 13 October 2022 for full details of the Rights Issue.
The Company has received firm commitments from existing shareholders to subscribe for a total amount of $1,198,385 pursuant to their entitlements in the Rights Issue. In addition the Rights Issue is partially underwritten to an amount of $1,533,066 by MST Financial Services Pty Ltd (ACN 617 475 180) (AFSL 500577) ("MST"), who is appointed as Lead Manager to the Rights Issue. All Directors intend to take up their full entitlement in the Rights Issue.
All New Shares issued will rank equally with existing shares on issue and the Company will apply for quotation of the New Shares. A Prospectus in relation to the Rights Issue was lodged with ASIC and the ASX on 13 October 2022 and, together with a personalised entitlement and acceptance forms, will be sent to eligible shareholders on 21 October 2022 in accordance with the timetable under the Prospectus.
Use of Funds
Funds from the Placement and Rights Issue will be primarily focused on drilling aimed at expanding the recently announced Mineral Resource Estimates ("MRE") at Mt McClure of 136,000oz at 1.9g/t Au with some funds also directed at exploration of other priority prospects in the Ironstone Well, Barwidgee and Gordons Projects.
Mt McClure is located in the Yandal Belt approximately 10km from Northern Star's (
*To view the timetable, please visit:
https://abnnewswire.net/lnk/5O9K315Z
About Yandal Resources Ltd
Yandal Resources (ASX:YRL) listed on the ASX in December 2018 and has a portfolio of advanced gold exploration projects in the highly prospective Yandal and Norseman-Wiluna Greenstone Belts of Western Australia. Yandal Resources' Board has a track record of successful discovery, mine development and production.
Contact
Tim KennedyManaging Director - CEO
Yandal Resources Limited
E: yandal@yandalresources.com.au
Bianca Taveira
Company Secretary
T: +61-8-9389-9021
E: yandal@yandalresources.com.au
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