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Korab Resources Ltd Announces Placement And Share Purchase Plan


Thursday, 21 Feb 2013 05:33pm EST 

Korab Resources Ltd announced that it has agreed to place up to 8.65 million shares to sophisticated and institutional investors at AUD 0.085 per share (Placement). Korab intends to use the proceeds from the placement to fund development, exploration and evaluation work at the Company's projects and to meet ongoing working capital requirements. In addition to the placement, Korab will make an offer to all eligible shareholders to participate in a Share Purchase Plan (SPP). The SPP offer will be priced at AUD 0.085 per share, which is the same price as that paid by sophisticated and institutional investors who participated in the placement. The SPP offer will be limited to AUD 15,000 worth of shares (a parcel of 176,470 ordinary shares in Korab) per investor with a minimum subscription of AUD 2,125 (25,000 shares). Korab proposes to raise up to a maximum of AUD 2,265,000 from the SPP equating to 26,647,060 new ordinary fully paid shares in the capital of the Company. Korab has proximately 1,350 shareholders eligible to participate in the SPP. 

Company Quote

0.04
-0.0020 -4.76%
15 Sep 2014