Merlin Diamonds Limited announced yesterday that the Entitlements Offer made to shareholders on January 5, 2017 has now been completed. The Company has raised approximately US$ 5.5 million, as a result.

“The Entitlements Offer provided shareholders with the opportunity to subscribe for 1 new share with ½ an option for every 2 shares held at the record date,” Merlin explained in its announcement. “The price of the new share with an attaching option is 1.3 cents and the option will have an exercise price of 1.3 cents.”

Underwriters of the Entitlements Offer – which was oversubscribed -- Triple C Consulting Pty Ltd, placed  the shortfall of 267,903,139 shares, thus raising an additional US$ 3.4 million.

“Funds raised from the Entitlements Offer will provide Merlin with the necessary financial flexibility to progress its operational and corporate objectives,” the Company stated.