ASF Group (ASX:AFA) launched a 1:10 non-renounceable pro-rata offer to shareholders of up to 53,240,201 new shares at an issue price of $0.18 per share last Friday, and has now provided additional details on the offer.
The issue price represents a discount of 14.3% to the last closing price of the company's shares on the ASX prior to the announcement of the offer.
The offer has the potential to raise $9,583,236 before issue costs, as the company currently has 532,402,013 shares on issue.
There is no minimum acceptance amount and shareholders can apply for additional shares which will be allocated from any shortfall.
Use of proceeds from the offer
The company said that it will use the proceeds raised under the offer to:
- Fund investments in current portfolio assets, including engaging property development consultants;
- Investigate and advance business development opportunities for the Company, with the goal of creating value for shareholders; and
- Provide working capital to the company generally.
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