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Element 25 Share Purchase Plan Opens

Element 25 Limited (E25 or Company) (ASX: E25; OTCQX: ELMTF) is pleased to announce the opening of the E25 Share Purchase Plan (SPP) Offer.

The Company announced on 21 May 2024 it would be undertaking a SPP1. The SPP is now open to eligible Element 25 shareholders, being shareholders who had a registered address in Australia, New Zealand, Hong Kong or Germany on Element 25’s register on the Record Date (5.00pm Australian Western Standard Time on Monday, 20 May 2024) (Record Date) to apply for up to A$30,000 of new fully paid ordinary shares in Element 25 (SPP Shares) without brokerage, commission or transaction costs, subject to the terms and conditions that will be set out in the SPP Booklet.

The SPP Shares will be issued at $0.27 per share (Offer Price), representing a 14 per cent discount to the volume weighted average price (VWAP) of Element 25 shares over the last five trading days prior to the Company announcing the SPP, rounded to the nearest whole cent.

THE SPP

The SPP is offered to Eligible Shareholders who were registered as a holder of existing Element 25 shares on the Record Date. Element 25 intends to raise up to A$5 million under the SPP and retains discretion over the allocation of shares per investor. Eligible Shareholders are offered the opportunity to subscribe for a maximum of A$30,000 worth of SPP Shares at the Offer Price.

The term and conditions of the SPP are set out in the SPP Booklet which will be lodged with the ASX today, Monday, 27 May 2024. The SPP Booklet will be available today via the ASX or Element 25 websites or by containing the Company Registry, Automic Group. Eligible Shareholders will also be provided a letter from the Company along with a SPP application form. This letter and application form will be distributed by Element 25’s Registry, Automic Group. Eligible shareholders can obtain information of the SPP within the SPP Booklet and through information provided to Eligible Shareholders. All SPP releases (Letter, Applications Form, SPP Booklet and SPP Annoucements) contain important information about the SPP. Eligible Shareholders are to carefully read this information in full and consider this information before deciding whether to participate in the voluntary SPP and apply for any SPP Shares.

The SPP is not underwritten.

Click here for the full ASX Release

This post appeared first on investingnews.com
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