Orbminco Limited (OB1) has announced the results of its non-renounceable entitlement offer, revealing a substantial shortfall. The offer, priced at $0.001 per new share, allowed eligible shareholders to purchase one new share for every two held. The offer closed on April 24, 2025. Of the total shares offered, shareholders took up 174,656,044 entitlements, generating gross proceeds of $0.174 million. An additional 56,321,826 shares were applied for under the shortfall facility, contributing a further $0.056 million. In total, the entitlement offer and shortfall acceptances amounted to 230,977,870 shares, raising $0.230 million.
However, a significant 852,317,447 shares remain unsubscribed, representing a substantial shortfall of $0.852 million. The new shares associated with the applications are scheduled for issue on May 1, 2025, and are expected to commence trading on May 2, 2025. As outlined in the Offer Booklet, Orbminco’s board is considering placing the remaining shortfall shares within three months at the same offer price of $0.001 per share. The company is currently in discussions with various interested parties regarding subscribing for the shortfall. Orbminco explores for copper and gold in Mongolia and battery metals (lithium nickel, copper + PGE’s) and gold in the Yilgarn Craton of Western Australia.
