Como-based mineral exploration company GME Resources Ltd has allotted part of its rights issue to raise $10.4 million, the company announced.
The capital raising, announced last month, will advance the company's Bankable Feasibility Study and expedite a trial mining and demonstration heap leach program at its NiWest Nickel Laterite Heap Leach Project located in the North Eastern Goldfields of Western Australia.
The full text of a company announcement is pasted below
The Directors are pleased to advise that they have today resolved to allot and issue as part of the Entitlement Issue 20,807,933 ordinary fully paid shares at 50 cents each to raise a total of $10,403,966.50. These shares have been downloaded into the issuer sponsored sub-register today, Friday 10 August 2007.
After this issue the Company has a total of 241,173,931 ordinary fully paid shares on issue.
The Entitlement Issue was not underwritten, and the Company has elected not to place the shortfall of 1,228,667 shares or 5.6%.
The Directors are very pleased with the support shown by shareholders with approximately 94.4% of available entitlements being taken up, and is looking forward to the year ahead.
A statement setting out the top 20 largest holders of this class of security and the percentage held is attached.
