Why Did Centrex Successfully Complete a $4.25M Placement and Launch Share Purchase Plan? Centrex Limited

Why Did Centrex Successfully Complete a $4.25M Placement and Launch Share Purchase Plan?

Centrex Limited (ASX: CXM) has recently announced the successful completion of its share placement, which raised approximately A$4. 25 million from institutional, professional, and sophisticated investors. Additionally, the company has launched a Share Purchase Plan to be offered to shareholders to raise up to an additional A$1 million on the same terms. The success of this capital raising has strengthened Centrex’s ability to construct an interim tailings storage facility, acquire needed accommodation for the Ardmore Mine, and increase the working capital before debt funding for Stage 1. 5.

A Strong Placement

The Placement saw approximately 47. 2 million shares raised at an issue price of $0.

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09 per share from institutional, sophisticated, and professional investors. The Placement attracted remarkable support from both existing and new investors.

Share Purchase Plan

In conjunction with the Placement, Centrex has launched a Share Purchase Plan, which allows eligible shareholders to apply for up to $30,000 worth of shares each, with a maximum total of A$1 million raised. The shares allotted will be issued at the same price as the issue price of the Placement, reflecting an 18. 5% discount from the 15-day volume-weighted average trading price of the company's shares.

Funds for Strategic Funding

The capital raised will enable Centrex to move forward with its previously announced Stage 1. 5 Project at its flagship Ardmore Phosphate Project, supporting the construction of essential infrastructure items and increasing overall production. Centrex’s managing director, Robert Mencel, said that he is pleased with the strong support shown by high-quality institutional, sophisticated, and professional investors in this capital raising, and he welcomes new investors to the company.

Continuous Disclosure Obligations

Centrex continues to make progress on debt financing options and will update the market on these developments as required under its continuous disclosure obligations. The Placement and Share Purchase Plan will raise a total of approximately A$5. 25 million.

In conclusion, the successful raising of this capital has enabled Centrex to carry out crucial projects and investments that will accelerate its growth and competitive advantages in the market.

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