Mahvie Minerals receives more than SEK 10 million in new share issue
At the end of last week, exploration company Mahvie Minerals announced the completion of its rights issue that ran until March 8, 2023. Mahvie Minerals receives more than SEK 10 million in a new share issue. The issue, which was a so-called unit issue, was subscribed to 65 percent, which is a high figure in today’s volatile stock market climate.
The company will receive approximately SEK 10.5 million before deduction of issue costs. The subscription price in the Rights Issue was SEK 2.00 per unit, where one unit contained two newly issued shares and one free warrant of series TO1. 2,332,710 units, corresponding to approximately 28.8 percent of the Rights Issue, were subscribed for and allocated to investors who subscribed for units with unit rights.
325,014 units, corresponding to approximately 4.0 percent of the Rights Issue, were subscribed for and allocated to investors who subscribed for units without unit rights. The outcome means that issue guarantees of a total of 2,615,493 units, corresponding to approximately 32.3 percent of the Rights Issue, will be utilized, whereby the Rights Issue in total is subscribed to approximately 65.0 percent.
The net proceeds from the Rights Issue will primarily be used to finance and develop the exploration activities in Mo i Rana and analytical work in Haveri as well as company operations. Additional shares will be issued in directed dilution issues, in accordance with share transfer agreements entered into by the Company.
Since the issue was a so-called unit issue and also included warrants, it means that Mavhie Minerals will be able to add almost ten million SEK during September, at least if the share price is higher than SEK 1.20.
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