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(Sharecast News) - Future Metals announced on Wednesday that its AUD 2.64m (£1.28m) entitlement offer was now fully underwritten, following confirmation that major shareholder Zeta Resources had received regulatory approval to increase its stake in the company.
Zeta had secured clearance from Australia's Foreign Investment Review Board (FIRB) to acquire an interest above its current 9.99% holding.
As a result, Zeta had committed to taking up its full entitlement under the offer, and could also subscribe for any shortfall, subject to allocation by the company.
The AIM-traded firm first announced the entitlement offer in May, and said on Wednesday that it remained open to shareholders until 1000 BST on 13 June.
At 1054 BST, shares in Future Metals were down 1.9% at 0.52p.
Reporting by Josh White for Sharecast.com.
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