In an exciting development within the Australian Stock Exchange (ASX), Inspiration Resources Limited (IRL) has announced they’ve accomplished a crucial regulatory step: the submission of their ASX listing prospectus. This step signals IRL’s firm intention to raise up to AUD 20 million in funding, all while aiming to become a publicly listed entity on the ASX.
This ASX listing prospectus embodies the company’s detailed plan outlining how the company intends to utilize the potentially raised funds. The funds will be dedicated largely to carrying out high-impact exploration activities for the company’s substantive portfolio of Western Australian Gold and Nickel assets. This expansive portfolio has been carefully selected and developed to include a high-potential range of exploration targets – most notably, the coveted Burra Burra Nickel-Copper-PGE project and the historic Kookynie Gold project.
The company is very confident in the exploration upside embedded within its portfolio and emphasizes the strategic timing of this proposition. With the gold and nickel markets currently residing in a relatively strong position, the potential returns from the exploration program could be transformative for the company.
Enthusing about this milestone, Inspiration Resources Limited’s Managing Director, Mr. Andrew Stocks, said we’re delighted to be taking this important step towards bringing our project portfolio to the public market. An ASX listing allows everyone the opportunity to share in what we believe will be a highly successful and productive exploration campaign over the coming 12 months.
To ensure that all shareholders have the opportunity to take part in the potential uplift associated with the listing, the company has called for a General Meeting. This meeting, scheduled for 31st March 2022, aims to obtain shareholder approval for the proposed fundraising and listing.
This proposed fundraising through rights offers is a unique chance for shareholders to prevent dilution of their shareholdings in the company. It will offer each shareholder the right to buy a certain number of new shares in Inspiration Resources Limited at a discount to the prevailing market rate.
To provide unarguable equity and fairness to all shareholders, the company has arranged that any unapplied new shares resulting from undersubscription would not be allocated to any related parties, thereby guaranteeing impartiality.
In addition, the company commits that the overall management of the fundraising will be conducted transparently, under the able stewardship of Emerald Capital Australia Pty Ltd, a well-respected investment bank.
Inspiration Resources Limited’s bold step of preparing an ASX listing prospectus and planning to raise a significant amount of capital indicates the company’s steadfast belief in their exploration portfolio’s potential. As Inspiration Resources stands at the precipice of an eventful few months, they could possibly shape not only their own future but also the future of Australia’s commodities market. This ambitious venture certainly sets an exciting development trajectory for the company, with the aim of generating increased value for its shareholders.