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Heritage Gold (NZ) Ltd said it asked Broken Hill Prospecting Ltd (BHPL) for more time to consider its initial public offer and the closing date for the offer has been extended to December 20 as a result.
BHPL, which is 28 percent-owned by Heritage Gold, is selling shares that will be listed on the NZX as well the ASX.
The offer is for up to 25 million shares of A20c each with a free option to buy a share at A20c for every two ordinary shares held within three years of listing. The company can accept over subscriptions of 10 million shares.
BHPL will use the money raised to explore sulphide prospects and cobalt deposits in the Broken Hill region of Australia.
The offer opens on November 15 and was previously due to close on December 6.