17/03/2009 - 14:06

Azure raises $1m despite shortfall

17/03/2009 - 14:06

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Azure Minerals has raised just over $1 million through a renounceable rights issue with shareholders subscribing to around one-third of shares on offer.

Azure Minerals has raised just over $1 million through a renounceable rights issue with shareholders subscribing to around one-third of shares on offer.

The company announced that of the 67.75 million shares on offer as part of the raising, 25.4 million were applied for, leaving a shortfall of some 42.3 million shares.

Under the offer, shareholders could subscribe to two new shares priced at four cents each for every five shares held.

The entitlement offer closed last week, however the shortfall offer will remain open until June 12.

Shares in Azure closed unchanged at 3.9 cents today.

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