Corella Resources (CR9) has announced an additional placement of shares and options following significant interest in shortfall shares from its recent non-renounceable entitlement offer. The placement, executed under Listing Rule 7.1, involves the issue of 68,438,115 new shares at $0.002 per share, along with 68,435,115 free attaching options exercisable at $0.002 and expiring on April 28, 2028. These placement securities mirror the terms of the entitlement offer, aligning option expiry dates with those issued from the underwriter, CPS Capital Group Pty Ltd.
The entitlement offer, announced on March 12, 2025, allowed eligible shareholders to purchase one new share for each share held on March 19, 2025, at $0.002, with a free attaching option for each new share. The underwriter, CPS, reported substantial demand for shortfall shares not taken up in the initial offer. Corella’s decision to utilize its placement capacity was driven by this strong investor appetite and a desire to accommodate sophisticated investors who missed the initial allocation.
This additional placement will inject $136,876 into the company, bringing the total capital raised from the entitlement offer, underwriting, and the placement to approximately $1,072,363 before associated costs. The funds are expected to bolster Corella’s financial position and support its ongoing operations. The company believes this outcome reflects positive investor sentiment towards its projects and future prospects.
Corella Resources will continue to focus on its kaolin and silica projects, aiming to capitalize on growing demand for these materials in various industrial applications. The successful capital raising efforts will enable the company to accelerate exploration, development, and potential commercialization of its assets.
