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Crater Gold Mining Limited Announces Underwritten Non-Renounceable 1 for 4 Rights Issue


Sunday, 10 Nov 2013 05:42pm EST 

Crater Gold Mining Limited announced that it will undertake a non-renounceable pro rata rights issue of one share for every four shares held at AUD0.08 (8 cents) per share to raise up to $2,182,965 before costs (Rights Issue). Funds raised will be used to progress exploration and development of the Crater Mountain, PNG Project’s High Grade Zone with the objective of commencing production mid-2014, as well as to cover the costs of the rights issue and for working capital generally. CGN has secured either commitments to subscribe under the Rights Issue, or an underwriting commitment, in respect of the full amount to be offered under the Rights Issue as follows: The Company's major shareholder, Freefire Technology Ltd (Freefire), which presently holds 59.12% of CGN’s issued share capital, has agreed to take up its full pro rata entitlement under the Rights Issue. Freefire has advised the Company however that it will not be applying for shares in addition to its pro rata entitlement under the Rights Issue; Freefire has also agreed to underwrite half of the Rights Issue shortfall at the issue price of $0.08 per share; and Bloom Star Investment Limited has agreed to underwrite the other half of the Rights Issue shortfall at the issue price of $0.08 per share. Shareholders eligible to participate in the Rights Issue will be those shareholders with a registered address in Australia, New Zealand, Papua New Guinea or Hong Kong on the record date of November 19, 2013. 

Company Quote

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23 Dec 2014