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Enterprise Metals plans $14.4m raising

Enterprise Metals plans $14.4m raising

Enterprise Metals (ASX:ENT) has announced plans to raise up to $14.4 million through two share placements.

The gold, iron and uranium explorer said it had agreed, pending due diligence by both companies, to place 62 million shares with Sinotech Hong Kong at 20 cents per share.

SinoTech has also been offered 20 million two-year options exercisable at $0.25 each. If half of the options are exercised in a year, SinoTech will be granted another 11 million options at the same price.

The placement will be underwritten by Worldtex Capital Resources. Enterprise has also offered Worldtex a 10 million share placement at 20 cents per share.

Worldtex will also receive 15 million options from the underwriting agreement, and will be offered an initial 3.2 million options in a smaller-scale version of the offer to Sinotech, at the same price.

If the respective placements take place, Sinotech will be entitled to appoint two board directors, while Worldtex will be able to name one.

ENT shares were up 8.11% in Tuesday's trading to $0.200.

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Tags WorldtexShare placementEnterprise MetalsASX:ENTSinoTechmining

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