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Alcyone Resources Ltd Raises $12.832 Million With Notion VTec Bhd


Monday, 7 Oct 2013 05:16pm EDT 

Alcyone Resources Ltd announced that it has now raised $12.832 million, after placing $4.875 million of the Rights Issue Shortfall with Malaysian listed investment holding company, Notion VTec Bhd. Notion has agreed to subscribe for $4.875 million of the Rights Issue Shortfall at $0.005 per share under the Rights Issue prospectus to acquire 19.9% of Alcyone’s outstanding shares. In addition Notion has a 6-month option to subscribe for $2.5 million in interest bearing promissory notes which, subject to shareholder approval and an Independent Expert Report, would allow Notion to increase its stake in Alcyone to 30% of Alycone’s issued share capital. With its equity investment, Notion has the right to nominate one director to the Board of the Company. Notion’s investment comes after Alcyone successfully hosted a site visit for a consortium of Malaysian investors (including Notion) at its flagship Texas Silver Mine in Queensland (refer to ASX announcement dated September 13, 2013). The transaction was arranged and managed by EquitiesTracker, which is a Malaysian based business that identifies and tracks portfolios of undervalued listed companies in Malaysia, Singapore and Australia. 

Company Quote

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13 Mar 2014