Astron Corporation Limited (ASX: ATR) has secured a substantial AU$2.68 million placement from a select group of private investors. The placement involves 4,785,714 new CDIs (Chess Depositary Interests) issued at a price of AU$0.56 per CDI, marking a 19.1% premium over the closing price of Astron CDIs on September 27, 2023. The company's Managing Director, Tiger Brown, expressed satisfaction with the strong support received from sophisticated investors, emphasizing that these funds will bolster the development of the Donald Project.
The allocated funds will serve multiple purposes, including advancing the Donald Project and covering working capital and offer costs. Importantly, the newly issued CDIs will carry equal rank with Astron's existing CDIs, and the company intends to seek ASX quotation for these New Securities. This placement represents a significant financial boost for Astron Corporation Limited and underscores investor confidence in its ventures.
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