Dynasty Resources Ltd. said July 20 that it has raised A$1.2million upon completion of its undersubscribed non-renounceable of 1 new share for every10 shares held at an issue price of 5 cents per share.
The company received applicationsto subscribe for 14,907,266 new shares for a total of A$721,909.
Cyberstore Technology Ltd. (Hong Kong),which partially underwrote the offer to 50%, will place the shortfall of 8,107,568shares. Once this is completed, the total funds raised will be aboutA$1.2 million before costs.
The offer was undersubscribed by 31,122,402shares, which is equivalent to about A$1.6 million.
Proceeds from the financing are earmarkedfor mineral exploration and potential acquisitions, as well as for general workingcapital.