Magnum Mining and Exploration Limited (ASX: MGU) has announced an extension to the closing date of its non-renounceable entitlement offer. Originally slated to close earlier, the offer period will now conclude at 5:00pm (WST) on Monday, March 24, 2025. This decision comes after shareholder requests for more time to receive and assess the entitlement offer material, which was initially announced on February 13, 2025, following the prospectus release on February 5, 2025.
The entitlement offer is available to eligible shareholders, defined as those with a registered address in Australia or New Zealand who held shares on the Record Date of Monday, February 10, 2025. These shareholders can access the prospectus on Magnum Mining’s website. The offer allows existing shareholders to purchase additional shares at a set price, bolstering the company’s capital base. The extended timeline provides these shareholders with a longer window to make informed investment decisions.
According to the revised indicative timetable, securities are expected to be quoted on a deferred settlement basis from March 25, 2025. Magnum Mining will notify the ASX of any under-subscriptions by March 31, 2025, and the issue date, along with the lodgement of Appendix 2A for securities quotation, is also scheduled for March 31, 2025. Quotation of the securities issued under the entitlement offer is anticipated on April 1, 2025. The company retains the right to modify or withdraw the offer, subject to regulatory compliance. The extension signals the company’s responsiveness to shareholder needs and its commitment to ensuring fair participation in the capital raising initiative.