Mawson's Subsidiary SXG Announces A$10.23 Million Fully Underwritten Rights Issue
VANCOUVER, BC / ACCESSWIRE / April 4, 2024 / Mawson Gold Limited ("Mawson" or the "Company") (TSXV:MAW) (Frankfurt:MXR) (PINKSHEETS:MWSNF) announces Mawson's 50.5% owned subsidiary, Southern Cross Gold Ltd. ("Southern Cross Gold" or "SXG") has …
VANCOUVER, BC / ACCESSWIRE / April 4, 2024 / Mawson Gold Limited ("Mawson" or the "Company") (TSXV:MAW) (Frankfurt:MXR) (PINKSHEETS:MWSNF) announces Mawson's 50.5% owned subsidiary, Southern Cross Gold Ltd. ("Southern Cross Gold" or "SXG") has stated that it is conducting a non-renounceable fully underwritten pro-rata entitlement offer ("Rights Issue") to raise approximately A$10.23 million before costs.
Mawson intends to cornerstone the Rights Issue through acquiring its full entitlement as a 50.5% shareholder of SXG.
The Rights Issue is to raise A$10,232,848 with one (1) new fully paid ordinary shares, priced at A$1.82 per share, offered for every thirty-three (33) fully paid ordinary shares held at the record date. Amongst other jurisdictions, SXG will offer shareholders with a registered address in the Provinces of Alberta, British Columbia and Ontario at 7:00 PM (Melbourne time) on April 9, 2024 (the "Record Date") the opportunity to subscribe for one (1) new fully paid ordinary share (the "New Share") for every thirty-three (33) fully paid SXG ordinary shares held at the Record Date to raise approximately A$10.23 million before costs of the Rights Issue. The rights issue is priced at A$1.82 per share.
The Offer is fully underwritten by Springtide Capital Pty Ltd and Firelight Investments Ltd, companies associated with Darren Morcombe and Pierre Lassonde, for the total amount of the Rights Issue (collectively the "Underwriter"). The Underwriter may receive an underwriting fee equal to 3% of the underwritten amount (being the full amount under the Rights Issue), to be paid in fully paid ordinary shares of SXG at a deemed price per share of A$1.82 (being the same price as under the Rights Issue and resulting in an aggregate of 168,674 shares to be issued). SXG reserves the right to seek to place the shortfall of New Shares not taken up under the Rights Issue at the discretion of the Directors of SXG within three months of the closing date of the Rights Issue.
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Mawson's Executive Chairman, Michael Hudson, states, "The fully underwritten Rights Issue exclusively provides existing SXG shareholders continued exposure to the exciting SXG high-grade gold growth story. Funds from the Rights Issue will be used by SXG to continue to drill SXG's 100% owned Sunday Creek gold-antimony project over the next year (and expand capacity). SXG's drilling plans will continue with the three clear objectives to demonstrate grade, volume and scale.