Australian-listed Silver Heritage Group has completed the retail component of an entitlement offer, but applications for new shares fell short of the AU$5.6 million it had hoped for.
In a filing to the Australian Securities Exchange on Wednesday, Silver Heritage said it had received applications from eligible retail shareholders for 73.2 million shares, raising around AU$1.46 million. Applications for additional shares under the Top-Up Facility were received for 8.9 million shares, raising another AU$180,000.
Despite the shortfall, Silver Heritage has raised a total of AU$5.2 million as a result of the entitlement offer being fully underwritten, with 177.6 million shares now allocated to the underwriter.
Completion of its retail offer follows the successful raising of AU$7.5 million earlier this month via an institutional share offering, with the funds to be used to continue ramping up its Nepal integrated resort, Tiger Palace Resort Bhairahawa.
