Silver Mines Enters Into Option Underwriting Agreement; Shares Down 4%
MT Newswires Live
Jun 05
Silver Mines (ASX:SVL) entered into an option underwriting agreement with Petra Capital to fully underwrite the exercise of unlisted options, exercisable at AU$0.1196 apiece and expiring on June 17, according to a Friday filing with the Australian bourse.
Petra Capital will underwrite up to 63.2 million options that remain unexercised at the expiry date, representing about AU$7.6 million, by subscribing for shares on the exercise of the underwritten options, the filing said.
Upon completion of exercise of all options, the company expects to issue a total of 63.2 million shares to raise about AU$7.6 million, per the filing.
Silver Mines shares fell nearly 4% in morning trade Friday.
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