The company received valid applications under the entitlement offer to subscribe for more than 31 million new shares from eligible shareholders, representing about 57.5% of all shares offered.
$3.135 million raised
This will result in the company raising $3,135,362.20, subject to clearance of funds and final audit.
The rights issue was announced on October 17, 2019, with the intention of raising approximately $5.46 million, before costs.
Eligible shareholders were offered the opportunity to acquire one new share for every four ordinary shares held as at 7.00pm (Adelaide time) on October 22 at the issue price of 10 cents per share.
Confident of filling shortfall
There was a shortfall of more than 23 million shares and Havilah expects these will be subscribed for by major shareholders and others.
The new shares are scheduled for allotment on Monday, November 18 and are expected to commence
ASX trading on a normal settlement basis from Tuesday, November 19, 2019.