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Laneway Resources Ltd Announces Capital Raising


Wednesday, 17 Jul 2013 02:36am EDT 

Laneway Resources Ltd announced a capital raising of up to $5.0 million at $0.015 per share (Entitlement Offer). The Company previously announced a proposed entitlement offer on June 6, 2013 (Previous Offer). The Previous Offer was subsequently withdrawn on July 1, 2013 and has been replaced with the Entitlement Offer being made pursuant to a Prospectus lodged on July 17, 2013 with ASIC. The Company has also completed a placement to sophisticated and professional investors raising approximately $0.2 million as announced on June 6, 2013 (Placement). The Placement has been repriced to $0.015 per Share in line with the Offer Price. Investors in the Placement will be able to participate in the Entitlement Offer. The capital raising consists of a renounceable entitlement offer to eligible shareholders, on the basis of four new fully paid ordinary shares for every one share held, to raise approximately $5.0 million before costs. The Record Date for the Entitlement Offer will be July 26, 2013. Under the Entitlement Offer, eligible shareholders will be able to subscribe for four new shares for one existing Laneway shares that they hold at a price of $0.015 per share (Entitlements).