CuDecoLtd. said April 11 that it will proceed with the rights issue toraise gross proceeds of about A$63.1 million after the Australian Securitiesand Investments Commission agreed to lift the stop order on the offer on April 8.
Funds will be used to complete the construction andcommissioning of the Rocklands Group copper project in Queensland, Australia,repay existing short-term shareholder loans, and for working capital.
The company will issue 1 new fully paid ordinary share forevery 4 shares held, at an issue price of 80 cents per share.
The offer is expected to close on May 3, and ParadigmSecurities will act as lead manager and underwriter.