HyTerra Raising A$6.1mm in Equity for Kansas Exploration
- AKAP
- Mar 28, 2024
- 5 min read
HyTerra (HYT) is raising A$6.1mm (before costs) through a private placement and a rights issue to fund a multi-well exploration drilling program along the Nemaha Ridge, Kansas. The private placement secured A$0.88mm with the issue of ~48.8mm shares at A$0.018/sh (a 5% discount to the previous closing price of HYT on 25th March 2024). The subsequent fully underwritten rights issue aims to raise A$5.24mm by offering four new shares for every nine held at A$0.018/sh. There are various fees involved with this capital raise including a total of A$0.37mm in cash fees, 1.67mm shares and a total of 96mm options at a strike price of A$0.04 exercisable on or before 30th November 2027.