BSA Ltd (ASX: BSA) has announced a $15.5m capital raising
BSA Ltd (ASX: BSA) has announced a $15.5m capital raising comprising an A$13.7m Pro-Rata Accelerated Non-Renounceable Entitlement Offer comprising an institutional entitlement offer and a retail entitlement offer, and a $1.8m institutional placement, through the issue of approx. 155 million new fully paid ordinary shares in BSA. The proceeds from the capital raising will be used to fund general working capital requirements of BSA.
When an ASX-listed company announces a capital raising, it generally means it is selling more shares to raise money.
More often than not, the shares are sold at a discount to the company’s share price at the time to entice new and existing investors.
Following the announcement, shares in AKORA Resources Ltd traded flat amid a trading halt at A$0.13/share.
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