Dioro entitlements offer disappoints with $7.4m shortfall

Nedlands-based Dioro Exploration Ltd has raised $4.8 million from a one for three entitlements offer, leaving a $7.4 million shortfall in the issue, which was fully underwritten by Perth-based stockbroker DJ Carmichael Pty Ltd.

The company had aimed to raise around $12.2 million through the issue, to help fund development costs and exploration activities at its Frog's Leg gold deposit - west of Kalgoorlie.

The full text of a company announcement is pasted below

The Board of Dioro Exploration NL wish to advise that $4,769,072 was subscribed for in the 1:3 entitlements issue which results in a shortfall of $7,446,635.

The issue is fully underwritten by DJ Carmichael.