Highfield Resources Ltd (Highfield) is pleased to confirm the completion of its share purchase plan (SPP) together with the completion of the issuance of a further US$4.0 million (equivalent to ~AUS$6 million) worth of new ordinary shares in the company at an offer price of AUS$0.2989 per new share under the unconditional component of its institutional placement, details of which were initially announced to the market on Monday, 23 September 2024.
The SPP offer, which was initially announced to the market on Monday, 23 September 2024, closed on Tuesday, 15 October 2024.
Valid applications totalling approximately AUS$2,060,000 million (equivalent to US$1,380,200 million) were received from eligible shareholders.
New shares will be issued under the SPP at AUS$0.2989 per new share, being the price at which shares were issued under the unconditional component of the Institutional Placement, details of which were released to the market on Tuesday, 24 September 2024.
Approximately 6 891 936 new shares will be issued under the SPP on Friday, 18 October 2024 and those shares are expected to commence trading on ASX on Monday, 21 October 2024. New Shares issued under the SPP will rank equally with existing Highfield ordinary shares on issue.
Holding statements are expected to be dispatched on Monday, 21 October 2024.
Highfield has received further commitments from existing institutional investors to subscribe for US$4.0 million (equivalent to ~AUS$6 million) worth of new shares at an offer price of AUS$0.2989 per new share under the unconditional component of its institutional placement (top-up shares). As a result of such additional commitments being received, the company is pleased to advise that it has now raised US$15 million (equivalent to AUS$22.4 million) pursuant to the institutional placement, of which US$5.0 million (equivalent to AUS$7.5 million) of this amount committed by EMR Capital Resources Funds III, LP, acting by its general partner EMR Capital GP III Limited or its nominee (being an entity managed by EMR Capital and affiliated with the EMR Shareholders) (EMR Subscriber), remains conditional on approval of the company's shareholders at an extraordinary general meeting to be held in or around December 2024.
No shareholder approval is required for the issuance of the top-up shares as the top-up shares are being issued in reliance on the company's available placement capacity under ASX Listing Rule 7.1.
The top-up shares are expected to be issued on 18 October 2024 and will rank equally with existing fully paid ordinary shares in Highfield as at their date of issue. Morgan Stanley Australia Securities Limited and DBS Bank Ltd. are acting as joint lead managers to the institutional placement.