Forrestania Secures A$310M for Edna May Acquisition
| Stock | Forrestania Resources Ltd (FRS.ASX) |
|---|---|
| Release Time | 1 Jul 2026, 10:42 a.m. |
| Price Sensitive | Yes |
Forrestania Secures A$310M for Edna May Acquisition
- Forrestania has secured A$310M through a two-tranche institutional placement
- Placement price is A$0.40 per share, a 5.9% discount
- Funds will be used for acquisition, refurbishment, and working capital
Forrestania Resources Ltd has successfully raised approximately A$310 million through a two-tranche institutional placement to finance the acquisition of the Edna May Gold Hub from Ramelius Resources. The placement, which includes 775 million shares at A$0.40 per share, saw strong demand from institutional and sophisticated investors. The funds will be used to pay A$210 million to Ramelius as acquisition consideration, fund development capital expenditure for Edna May and Lake Johnston, and cover additional working capital and offer costs. The acquisition is expected to complete in September 2026, positioning Forrestania to advance its dual processing hub strategy.
A$310M raised through placement, to be used for acquisition, refurbishment, and working capital
Forrestania is well-positioned to advance its dual processing hub strategy with the acquisition of Edna May, expected to complete in September 2026.