ENP Newswire -
Release date- 01082014 - In accordance with ASX Listing Rule 7.1A.4(b) the following information is provided.
A total of 5,196,650 ordinary shares were issued with security holder approval under ASX Listing Rule 7.1A, representing a dilution of 1.67% to the existing holders of ordinary shares caused by the issue.
Due to the regulatory costs, prescribed timing and the uncertainty of the funding outcome, the ordinary shares were issued to sophisticated investors as it was considered to be a more expedient and certain mechanism for raising the funds required to achieve the objectives of the placement.
The placement did not expose the Company to market volatility that might have been experienced over a more protracted raising process such as an entitlement issue. Further, in
There were no underwriting arrangements in place for the placement and
A fee equivalent to 5% of the gross proceeds was paid to the Lead Manager in connection with the placement.
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