The shares will be issued at 38.6 cents apiece, representing a discount of 9.9% to the volume-weighted average price of 42.84 cents per share for trades done on March 16. March 16 is the last full market day where shares in Fortress Minerals were signed before the signing of the placement agreement and before Fortress Minerals’ trading halt on the morning of March 17.
Fortress Minerals (SGX:OAJ
) is seeking to raise $9 million via a proposed placement of up to 23.3 million shares. After deducting estimated fees, the net proceeds of the placement will be at $8.7 million.
The company entered into a placement agreement with Stirling Coleman Capital on March 20 where the latter, as the placement agent, will procure placees to subscribe to the placement shares.
