Placement and SPP
On 30 April 2021, Buru announced a successful share placement raising a total of $15 million before costs (Placement), being the issue of 100,000,000 new shares at $0.15. The Placement shares were issued on 6 May 2021 under the Company’s placement capacity pursuant to ASX Listing Rule 7.1 (64,811,136 shares) and ASX Listing Rule 7.1A (35,188,864 shares). Despite higher bids received, the Placement was limited to $15 million in order to provide existing shareholders with an appropriate level of participation in the accompanying Share Purchase Plan (SPP). The SPP closed on 4 June 2021 with subscription applications totalling approximately $1 million from 133 shareholders resulting in the issue of 6,368,750 new shares at $0.16. The shares issued pursuant to the Placement were later ratified and approved under and for the purposes of Listing Rule 7.4, during a General Meeting held in September 2021.
On 22 February 2021, Buru appointed two new independent Non-executive Directors to the Board, Ms Joanne Kendrick and Mr Malcolm King, who have strengthened the Company’s Board at a critical time in Buru’s growth. Ms Eve Howell retired from the Buru Board on 31 March 2021 and the Company wishes her the best in her retirement and expresses its gratitude for her wise counsel and technical expertise during her tenure.
Ms Samantha Tough was also appointed to the Board on 23 February 2021, but later advised that a potential conflict with other organisations in which she was involved was greater than first anticipated and therefore retired as a Director of Buru at the AGM on 6 May 2021.