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Intra Energy Corporation Ltd Announces Rights Issue


Monday, 15 Apr 2013 08:08pm EDT 

Intra Energy Corporation Ltd announced the issuance of 32,354,361 fully paid ordinary shares pursuant to Rights Issue of two new shares for every fifteen shares held on the Record Date of April 24, 2013 will be made to shareholders of IEC at the issue price of AUD 0.14 per share, to raise approximately AUD 4.5 million before transaction costs. The funds raised by the Rights Issue will be used to: expand the Tancoal mine operations including additional mining equipment and improve mine logistics through road upgrades and expanded sales stockpiles; fund additional equipment purchases and civil infrastructure for the Malcoal mine in Malawi; fund further studies required for the Bankable Feasibility Study (BFS) stage of IEC's power station projects, a 200MW mine-mouth power station at Tancoal and a 120MW power station in Malawi (refer ASX announcement March 18, 2013); and fund external JORC studies in relation to IEC's Ngaka deposit and the recently granted tenements in Malawi, Ngana and North Rukuru (refer ASX announcement March 18, 2013). 

Company Quote

0.033
0.0010 +3.13%
28 Jul 2014