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Forrestania Resources Secures Commitments of AU$310 Million to Fund Edna May Gold Hub Acquisition; Shares Jump 8%

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Forrestania Resources (ASX:FRS) secured binding commitments to generate about AU$310 million via a dual-tranche placement of about 775 million ordinary shares at AU$0.40 each to fund its acquisition of the Edna May Gold Hub in Western Australia, according to a Wednesday filing with the Australian bourse.

The first tranche involves the issuance of 237.2 million new shares to raise AU$94.9 million, and the second tranche is for the issue of 537.8 million shares to generate AU$215.1 million, subject to shareholder approval.

Forrestania has exercised its right under the Edna May purchase agreement to increase the cash component of the consideration to AU$210 million, and reduce the value of Forrestania shares to be issued to Ramelius Resources (ASX:RMS) to AU$90 million, per the filing.

Forrestania Executive Chairman David Geraghty will invest AU$1 million into the placement, subject to shareholder approval.

Forrestania Resources' shares jumped 8% in recent Wednesday trade.

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