The Company has completed a placement of 5,516,666 shares at an issue price of 12 cents per share to raise $662,000 before issue costs. This was as an excluded offer made under section 708 of the Corporations Act (“Act”).
The offer included the issue of 1 free option for every 2 shares applied for, exercisable at 28 cents on or before 31 May 2008, resulting in the issue of 2,758,333 new options. The Company will apply for listing of the options.
The proceeds from the issue will be applied to augment the Company’s working capital during the production ramp up period at the Redbank Copper Mine, where the oxide circuit is currently being commissioned.
Placement of Shares
61.47 kB, modified 4:50pm 16/08/2006
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