BCI completes institutional raise

BCI earlier this week announced plans to raise A$48-million through a fully underwritten one-for-two accelerated and non-renounceable entitlement offer, to allow for the start of early construction at its Mardie salt and potash project, in Western Australia.

The company on Wednesday said that some 86.7-million new fully paid ordinary shares would be issued under the institutional component of the offer, priced at 24c a share.

The company’s largest shareholder, Wroxby, has applied to take up its full pro rata entitlement of some A$14-million, with other large shareholders, who collectively hold a 14% interest in the company, also taking up their pro rata entitlements totalling approximately A$6.9-million.

The new shares are expected to start trading on Wednesday.

Meanwhile, the retail component of the entitlement offer will open on September 18, and will close on October 6.