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Yandal Resources Ltd (YRL.AX) Rights Issue Completion and Shortfall Notification
Perth, Australia, Dec 20, 2021 - (ABN Newswire) - Yandal Resources Ltd (ASX:YRL) is pleased to advise its 1 for 6 Non-Renounceable Pro-Rata Rights Issue ("Rights Issue") to raise approximately $6,872,646 (before costs) closed on 16 December 20211 and was strongly supported by existing shareholders.
In accordance with the Prospectus dated 19 November 2021 and updated share registry calculations, a total of 6,479,552 New Shares for $2,591,821 and 3,239,776 attached New Options are available for the Company to place ("Shortfall") on a best endeavours basis within three months of the closing date. The Company has received very strong interest for the acquisition of the remaining Shortfall from multiple investors which is currently being finalised.
Subject to finalisation and as per the timetable for the Rights Issue, the issue date of the New Shares and attached New Options (exercise price of 65 cents with an expiry date of 31 December 2022) will be 23 December 2021. The New Shares will commence normal trading on ASX on 24 December 2021.
Yandal Resources' Managing Director; Mr Lorry Hughes commented:
"The Board is very pleased with the high level of financial support received from existing shareholders taking up their rights to strengthen our cash balance going into 2022. The funds will be used to continue aggressive exploration at our high-priority Brownfields gold prospects near Kalgoorlie and Wiluna in Western Australia".
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About Yandal Resources Ltd:
Yandal Resources (ASX:YRL) listed on the ASX in December 2018 and has a portfolio of advanced gold exploration projects in the highly prospective Yandal and Norseman-Wiluna Greenstone Belts of Western Australia. Yandal Resources' Board has a track record of successful discovery, mine development and production.
Yandal Resources Ltd
Lorry Hughes, Managing Director
Yandal Resources Ltd
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