- Raise to fund Forbes Residences and set strong financial foundation
- Offer made at 25 cents per share, includes options for every 2 shares issued
- Company executive called it a pivotal capital raise for the company
In recent weeks, Mustera appointed a construction company for its Forbes Residences project in Applecross, PACT Construction will be taking on the project.
This raise comes as the company builds towards a stronger financial position.
“Following appointment of builder for the Forbes Residences project, we are intending to push ahead with the next stage of the development while simultaneously ensuring that we maintain a strong working capital position for our existing property portfolio.”
Nick Zbrowski, Mustersa Executive Director
The non-renounceable pro-rata rights issue of up to 34,867,866 fully paid ordinary shares will be made at 25 cents per share, the company also said it will be “together with 1 free-attaching unquoted option (exercisable at $0.30 per option within two years from the date of issue) for every 2 New Shares issued.
“This is a pivotal capital raising for the Company and we are pleased to be able to offer our shareholders the opportunity to participate in the Offers.”
Mustera said funds raised through this round will finance both the Forbes project, and “ensure that the Company’s working capital will enable it to progress its existing property portfolio.”
“This includes further due diligence and design works to achieve planning approvals for the Company’s core projects.”