Mighty Kingdom Limited (ASX:MKL) Announces Replacement Prospectus
Details of the Offer
Mighty Kingdom Limited has issued a replacement prospectus for a non-renounceable accelerated institutional and retail entitlement issue. Eligible shareholders can subscribe for one new share for every share held at an issue price of $0.005, aiming to raise approximately $1,080,317.
Use of Funds
The funds raised will strengthen the company’s balance sheet, provide immediate working capital support, and fund capital investment initiatives to turn around profitability. Specifically, around 63.51% will be allocated to general working capital, 18.51% to one-off costs and ongoing business improvement activities, and 17.98% to offer-related costs.
Financial Effect of the Offer
Assuming full subscription, the offer will increase cash reserves by approximately $1,080,317 and double the number of shares on issue from 216,063,408 to 432,126,816. This infusion of capital aims to support ongoing operations and future growth opportunities.
Offer Components
The offer consists of an institutional component, which has already raised approximately $260,000 through the issuance of around 52,000,000 shares, and a retail component expected to raise up to $580,317 by issuing about 116,063,408 shares.
Motley Fool contributor Aaron Shaw has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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