https://themarketherald.com.au/greenvale-mining-asxgrv-strengthen...

https://themarketherald.com.au/gree...thens-ownership-and-balance-sheet-2020-08-12/

12 August 2020

Greenvale Mining has just completed a placement of 34.8 million shares at 1.9 cents each. The placement, undertaken by sophisticated and professional investors, raised approximately $661,000 in proceeds.
However, the same investors (who were pinching themselves and could not believe their luck) applied for an additional 39 million shares, to raise approximately $741,000. Greenvale is also to allocate 5.2 million shares, worth $100,000, to 'shareholders who supported the company in past capital raisings'.
The issue of the 44.2 million shares, worth a combined $841,000, is subject to shareholder approval. This will take place at the company’s annual general meeting, which should occur by November 30, 2020.
Greenvale has also received an application from Knox Resources shareholders, Biddle Partners and Kalonda. The application is for a subscription of 23.7 million shares at 1.9 cents each, which would raise an additional $450,000.
In total, the placement and additional issuances amounts to approximately $1.95 million in extra capital raised for the company on top of its recent $2.1 million entitlement offer. Greenvale will use these funds to help the company meet its goals for the Georgina Basin and Alpha Resources Projects.
Greenvale Mining shares have fallen 4.65 per cent in early trade to hit 4.1 cents per share at 11:11 am AEST.