ENP Newswire -
Release date- 22082014 - The Board of
The placement is being undertaken pursuant to S708 of the Corporations Act (Cwth) 2001 to professional and sophisticated investors, and pursuant to the Company's 15% placement capacity under Listing Rule 7.1 (the placement utilised the full available capacity). The placement also includes the issue of one option for every three shares applied for, being a total of 7,051,282 options. The options are to be issued for nil consideration and are exercisable at
The Company also wishes to announce a pro rata nonrenounceable entitlements issue to subscribe for one (1) new fully paid ordinary share for every three (3) ordinary shares held by Eligible Shareholders at
New shares issued under the placement and the entitlements issue will rank equally with all ordinary shares on issue. The Company will issue up to a maximum of 81,129,020 new ordinary shares and 27,043,007 new options pursuant to the entitlements issue (subject to rounding).
The Entitlements Issue is not currently underwritten. The Directors reserve the right to obtain an underwriter at any stage in accordance with the Corporations Act (Cwth) 2001 and the ASX Listing Rules. Subject to any underwriting, the Entitlements Issue will contain a shortfall facility.
The Directors of the Company have indicated it is their present intention to take up their rights under the proposed entitlements issue, and should an Underwriter be appointed to be considered for Sub underwriting of the issue.
The timetable and Offer Documents setting out further details of the Entitlement Issue will be issued in the near future (anticipated within 3 weeks) accompanied by a personalised entitlement and acceptance form and instructions on how eligible shareholders may accept their entitlement.
The funds from the Capital Raising and Entitlements Issue will be used to progress the Company's base metal and gold projects in the Doolgunna region, including the highly prospective Imbin and
Additional drilling to advance gold targets in the Contessa area, with the aim of identifying a primary source to ore grade intercepts reported in first pass aircore drilling and beneath extensive gold geochemical anomalies identified by Lodestar.
Drilling within the eastern margin of the
Back arc rift setting of similar age to the
Continental arc setting, large surface gold anomaly within the
Tel: +61 8 9423 3200
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