Australia-listed Silver Heritage Group on Tuesday said it had completed the institutional component of its fully underwritten accelerated renounceable entitlement offer.
Silver Heritage noted the Institutional Entitlement Offer raised approximately A$10.3 million (US$7.8 million)
The retail component of the entitlement offer, available from Friday 7 July to Wednesday July 26, is expected to raise approximately A$8.7 million, added the company.
According to an earlier filing from the company, the proceeds of the offer, expected to be around US$14.4 million, will be used to “fund completion and construction and fit out of Tiger Palace, to provide working capital, and to pay the costs of the Entitlement Offer.”
Last week, Silver Heritage Mike Bolsover said while there have been challenges developing the resort, he is now optimistic about finishing the project.
“We are in the right place geographically to address the rapidly growing Indian Middle-Class, we are proven operators of casinos in emerging jurisdictions and, whilst we have had a challenging period developing the subcontinent’s first Integrated Resort, we have learned from our experience and have an excellent team in place now to execute the final stages of the build and pre-opening through to operations in the second half of the year,” he said.