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Silver Heritage raises AU$7.5 million after completing institutional share offering

Ben Blaschke by Ben Blaschke
Mon 10 Sep 2018 at 22:09
Silver Heritage finds new Nepal partner
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Australian-listed Silver Heritage Group says it has successfully raised AU$7.5 million via an institutional share offering and expects to raise a further AU$5.6 million from a retail offering as the company continues to throw resources behind its recently opened Nepal integrated resort.

In a filing to the Australian Securities Exchange on Monday, Silver Heritage said it has completed the placement of new shares and the institutional component of its “fully underwritten accelerated non-renounceable 1 for 1 pro-rata entitlement offer” with an Institutional Placement raising AU$1.36 million and an Institutional Entitlement Offer raising AU$6.1 million.

It added that 94% of eligible institutional shareholders had taken up their entitlement offer. The new shares will rank equally with existing shares on issue and are expected to settle on Wednesday 19 September 2018.

Silver Heritage will now commence the retail component of its entitlement offer this Thursday 13 September through which it expects to raise around AU$5.6 million.

“We are very pleased and appreciative of the strong support shown by our existing shareholders and are pleased to welcome a number of new investors to our register,” said Managing Director and CEO Mike Bolsover. “The success of the Institutional Offer is an important first step in improving the company’s financial position and providing a much improved balance sheet as a platform for the continued ramp-up at Tiger Palace.”

Silver Heritage last week completed a renegotiation of terms with its corporate bondholder OCP Asia in a deal that will see it pay back around US$6 million of its outstanding bonds in order to extend its repayment time and provide greater opportunity to focus on Tiger Palace.

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Tags: AustraliaMike BolsoverNepalSilver HeritageSilver Heritage GroupTiger Palace Resort
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Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

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