Suvo Strategic Minerals Ltd (ASX:SUV) will raise $1.5 million through a share purchase plan (SPP) at an issue price of $0.03 per share, with money to go towards the production ramp up of the Pittong hydrous kaolin plant and to fast-track commercialisation of the company’s intellectual property for geopolymer concrete.
The SPP is fully subscribed having received applications over the initial target amount.
Due to the increased demand, the Suvo board is accepting further subscriptions of up to an additional $500,000, increasing the SPP offer to a total of $1.5 million (before costs). It will also close the raise early to minimise the impact of any potential scale back of applications.
The new closing date is Tuesday 27 February, brought forward from March 12.
Strong support welcomed
“On behalf of the board, I would like to thank our existing shareholders for their support in the share purchase plan. To achieve such strong demand, with the offer fully subscribed within three business days, is a remarkable result,” non-executive chairman Aaron Banks said.
“We look forward to updating the market as we progress on all workstreams ensuring that value is created across Suvo’s portfolio of assets.”
The SPP follows a $2.5 million placement, which attracted new and existing investors, demonstrating strong market confidence in Suvo's strategic direction and operational capabilities.