Thoughts on Chalice Mining Ltd (CHN) Share Purchase Plan 19 May 2023?
Hi James and Team, Considering it's recent share price gains, just wondering whether MM has a view on the recently announced SPP at $7.30 per share. Thanks Geoff
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Answer
Hi Geoff,
CHN recently raised $70mn to take its cash balance in the bank to $150mn plus they have a share purchase plan (SPP) in play to raise an additional $10mn at the same price of the placement with eligible shareholders having the capacity to apply for up to $30,000 of new shares in Chalice.
The SPP opens on 19th May and is priced at $7.30/share. With the stock trading at $7.31 on Friday it’s very marginal. Our general rule is 5+% benefit.
