2021-04-26
by Proactive Australia
Australian Strategic Materials Ltd (ASX:ASM) directors have demonstrated their confidence in the company's rare earth metals technology strategy by participating in a one for 14 pro-rata non-renounceable entitlement offer.
This entitlement offer raised more than $26.9 million and took the company's capital raising to almost $92 million after a placement to institutional and sophisticated investors brought in $65 million.
The company received applications from eligible shareholders for 5,608,145 new shares at A$4.80 per share in the offer, representing an approximate 65.23% take-up.
Change of director interests
On April 23, non-executive chairman Ian Gandel acquired a total of 2,105,611 million shares in the offer in two separate indirect interests for combined value of more than $10.1 million.