L1 Gold Fund (ASX:LGF) completed its AU$78.5 million retail entitlement offer, issuing 34.9 million new shares at AU$2.25 each, following strong support for its broader capital raising, according to a Monday Australian bourse filing.
The new shares are expected to be allotted on Wednesday, with normal Australian Securities Exchange trading scheduled to commence on Thursday, per the filing.
LGF will issue 166.8 million new shares, raising around AU$375.4 million in total through the placement, institutional entitlement offer, first shortfall offer, retail entitlement offer and L1 Group's (ASX:L1G) AU$42 million second shortfall subscription, the filing said.
The funds will be invested in accordance with L1 Capital's existing investment strategy, the filing added.