Crest Minerals Ltd: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
Provider: Reuters Investment Profile
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Crest Minerals Ltd To Raise Up To $2.2 Million In Non-Renounceable Rights Issue
Crest Minerals Ltd announced a non-renounceable rights issue to raise up to $2.2 million (before costs). The raising is being partially underwritten by Patersons Securities Limited (Patersons) to $985,520 subject to execution of a satisfactory underwriting agreement. Funds raised will enable Crest to progress its flagship Majestic North Gold Project, in Western Australia’s Eastern Goldfields, test other prospective exploration targets and strengthen its overall working capital position. Crest is undertaking a non-renounceable rights issue (Rights Issue) of one new share for every one share held at an issue price of AUD0.06 per share (New Shares). Shareholders with an address in Australia or New Zealand on the Company's register on May 31, 2013, will be eligible to participate in the Rights Issue (Eligible Shareholders). The proceeds of the capital raising will be used for the following purposes: progressing Crest’s flagship Majestic North Gold Project, in particular, exploration activities to help discover the source of the primary mineralisation of the Western Supergene gold anomaly and to convert the conceptual exploration target into an Indicated Resource; testing of other exploration targets at Majestic North; strengthening the Company’s overall capital position; and covering expenses of the offer.
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