ENP Newswire -
Release date- 21022014 -
A Share Purchase Plan of up to
The Placement and SPP together will raise up to
Purpose of the capital raising
The funds raised from the Placement and SPP will be used to:
Expedite drilling approvals process for Blueys.
Undertake an RC drilling program of targets at depth where extremely anomalous silver in soils and high-grade silver at surface have been identified at the Blueys and Inkheart Prospects, NT.
Develop Phase-2 copper drill targets beneath the multiple high-grade copper occurrences at surface at the Copper Royals and Virginia Prospects, NT
Provide the Company with working capital to enable it to support its current operations.
Core's recent exploration has identified highly prospective drill targets at both the Blueys and Inkheart Prospects. Core believes that these new drill targets in combination with extremely anomalous silver in soil and high-grade rock chip results at surface are a very strong indicator of significant mineralization at depth.
Given the outstanding exploration results received to date, Core has also recently secured 100% ownership of the Albarta joint venture tenements prior to initiating our maiden drilling program. This gives Core shareholders the maximum exposure to the upside as we undertake our maiden drilling program.
Details of the Placement
The Placement will be made to sophisticated, professional and institutional investors under the Company's 15% placement capacity under Listing Rule 7.1 and 10% placement capacity under Listing Rule 7.1A.
Details of the SPP
The SPP is only available to Australian and
The SPP is targeting
Full details of the SPP Offer will be contained in a booklet which is anticipated to be dispatched to Eligible Shareholders on
Disclosure required under ASX Listing Rules 7.1A.4(b) and 3.10.5A
In relation to the Placement, and in accordance with ASX Listing Rules 7.1A.4(b) and 3.10.5A the Company makes the following disclosures:
The Company will issue a total of 15,000,000 fully paid ordinary shares at
The securities issued under Listing Rule 7.1A resulted in the following dilution to existing holders of ordinary securities:
Number of fully paid ordinary shares on issue prior to the placement of securities under LR 7.1A was 81,800,740.
Number of fully paid ordinary shares on issue following this issue of securities under LR 7.1A will be 89,980,814.
Percentage of voting dilution following the issue is 10%.
The Company will issue shares as a placement to sophisticated, professional and institutional investors in conjunction with an SPP as advised in this announcement.
No underwriting arrangements were entered into in relation to the placement under Listing Rule 7.1A.
Fees of 6% of the total funds raised under the Placement are due to be paid.
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