Hot Chili Plans to Raise AU$14 Million Via Entitlements Offer; Shares Surge 11%

MT Newswires Live08-05

Hot Chili (ASX:HCH) plans to raise up to around AU$14 million be via a non-renounceable entitlements offer of new shares on a 2-for-13 basis at an issue price of AU$0.60 per share, according to a Tuesday Australian bourse filing.

The record date for the rights offer is Aug. 8. The offer will open on Aug. 13 and close on Sept. 2.

Eligible shareholders who take up their entitlements in full will also be able to apply for additional new shares under the shortfall facility to the offer, the filing said. Certain insiders of the firm are also expected to participate in the offer.

The firm will use funds raised from the offer to provide an upgrade to the firm's copper and gold resource base, according to Christian Easterday, the firm's managing director.

The firm added that it is currently assessing several non-binding, indicative, incomplete, and conditional proposals for the strategic partnering processes for the Costa Fuego copper-gold and Huasco water projects in Chile.

Hot Chili's shares surged past 11% in recent Tuesday trade.

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