A$1 million SPP offers shares at A$0.03 to Canterbury holders

Canterbury Resources Limited (ASX:CBY) is asking shareholders to help fund the next phase of drilling at its John Hill copper-molybdenum deposit, opening a non-renounceable and non-underwritten share purchase plan targeting approximately A$1 million before costs.

The offer gives eligible shareholders the right to apply for up to A$30,000 of new shares at A$0.03 each. The board can accept oversubscriptions, however, and has set a potential fundraising ceiling of A$2.5 million, subject to the ASX limit that restricts the issue to no more than 30% of shares currently on issue.

John Hill drilling remains the funding priority

Canterbury said the proceeds will support continued exploration drilling at John Hill, part of the Monto Project, and strengthen working capital. The raising therefore sits squarely within the company’s existing exploration program rather than introducing a new project or acquisition.

The plan follows the company’s earlier John Hill funding plan, which targeted A$1 million and allowed for a potential A$2.5 million raise to fund John Hill exploration and working capital. The current document confirms that structure and formally opens the offer to eligible holders.

Issue price sits above the latest closing price

The A$0.03 issue price compares with a stated closing price of A$0.027 on 29 October, the last trading day before the offer was announced. It is also equal to the company’s stated five-day VWAP of A$0.030, meaning the offer price is above the latest close but not below that reported five-day average.

Participation is optional, but shareholders who do not take part will retain the same number of shares while owning a smaller percentage of the company if new shares are issued. The offer is not underwritten, applications can be rejected or scaled back, and the final amount raised remains uncertain.

Directors indicate A$75,000 of proposed participation

All five directors have advised that they intend to participate to the extent permitted. Their proposed applications range from A$5,000 to A$30,000 and total approximately A$75,000, based on the share parcels disclosed in the offer document.

The offer closes at 7:00pm AEDT on 30 November 2026. The formal timetable states that the new shares are expected to be issued on 3 December and begin trading on 4 December, although an earlier introductory section of the document refers to quotation commencing on 1 December. That discrepancy will need to be resolved before investors can rely on the earlier date.