Navigator Resources says it has raised just over $20 million from a rights issue that was restructured twice due to the company's falling share price.
Navigator has received valid applications to exceed the raising’s minimum $20 million threshold by $2,835, but the figure was well short of the $32.6 million maximum limit of the capital raising.
The amended 7 for 2 rights issue was priced at 2 cents per share, while subscribers will also receive one listed option for every two shares subscribed for, exercisable at 4 cents on or before July 31, 2014.
Navigator announced on June 27 it would seek to raise funds through a five for three renounceable rights issue priced at 4 cents per share, instead of the original one for one rights issue priced at 6.8 cents announced on June 20.
Navigator’s stock dropped 7.5 per cent today, to close trade at 3.7 cents.
The company was seeking to raise the funds to fund the development of the Cockburn pit at its Bronzewing gold project, and to repay its debt facility with RMB.
The company had previously announced RMB granted it an extension to its current debt facility of $11.1 million to August 2.
Navigator said RMB had agreed to amend that extension to August 18, in line with the restructured rights issue.
