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Minemakers Ltd Announces Placing Of Ordinary Fully Paid Shares To Vulcan Phosphates LLC

Tuesday, 2 Apr 2013 02:40am EDT 

Minemakers Ltd announced that it will place 14 million ordinary fully paid shares to Vulcan Phosphates LLC at AUD0.18, representing a 33% premium to Minemakers’ last closing share price of AUD0.135 (March 28, 2013). Vulcan will also be granted options to acquire a further 14 million shares at AUD0.30 per share, exercisable until April 2017. Post placement, Vulcan will hold a 5.7% shareholding in Minemakers with the option to increase its holding to over 10% by exercising the options granted to it. Under the terms of the placement: Vulcan will have the right to nominate a director to the Board of Minemakers if it increases its shareholding in Minemakers to above 10%; if Vulcan acquires, and maintains voting power to, more than 10% of Minemakers, Vulcan will have the option (subject to the receipt of an ASX waiver) to participate in any future Minemakers’ share issues in order to maintain its percentage shareholding in the Company; and Vulcan has agreed to a 2 year standstill whereby it will not increase its shareholding above an agreed level unless it obtains prior approval from the Minemakers Board or if Minemakers receives a bona fide takeover proposal from an unrelated third party. The agreed level is 15% during the first 12 months following the placement and 19.9% during the second 12 months. 

Company Quote

-0.0030 -3.00%
17 Apr 2014