Prospect Resources Limited announced that it expects to receive AUD 1 million in funding from MBM Capital Partners LLP and other investors.
On January 21, 2014, the company issued 95,000,000 shares for gross proceeds of AUD 950,000 in its first tranche. MBM Capital Partners LLP and Sirius Trustees each subscribed shares for gross proceeds of AUD 850,000 and AUD 100,000 respectively. MBM Capital Partners LLP oversubscribed for shares in the transaction. The company did not arrange and underwriter and will not pay any other fees or costs for the transaction.
On April, 14, 2014, the company announced that it will issue 110,000,000 shares for gross proceeds of AUD 1,100,000. The transaction is seeking shareholders' approval in general meeting to be held on May 14, 2014. Hugh Warner and David Warner will subscribe for 7,500,000 shares. Elliot Holdings Pty Ltd will subscribe for 7,500,000 shares. The transaction is expected to close on June 14, 2014.
On May 14, 2014, the company announced that shareholders' approved the transaction in its extraordinary general meeting.