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Provider: Thomson Reuters Stock Report
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Mining Group Ltd Announces Issue To Raise AUD2.48 Million

Monday, 18 Mar 2013 05:50pm EDT 

Mining Group Ltd announced that fully underwritten non-renounceable entitlements issue of approximately 70,904,712 new shares (New Shares) on the basis of two New Shares for every three Mining Group shares held by shareholders on the record date at an issue price of AUD0.035 per New Share and a free attaching New Option (New Options) (with an exercise price of AUD0.06 and an expiry date of June 30, 2015) for every two New Shares issued (Entitlements Issue). The Entitlements Issue will raise approximately $2.48 million before costs. The funds raised pursuant to the Entitlements Issue will be applied, with existing funds and after meeting the expenses of the Entitlements Issue, towards exploration and drilling programs at the Comval Copper-Gold Project, target generation and reconnaissance field work at the Teutonic Project, to assess other opportunities which may fit the Company’s strategy and for general working capital. Cygnet Capital Pty Ltd has been appointed lead manager and underwriter to the Entitlements Issue. In consideration, Cygnet will be entitled to a 5% capital raising fee and 1% management fee calculated on total funds raised via the Entitlements Issue, which, at Cygnet’s election, can be taken as cash or converted to shares at the same price as those offered pursuant to the Entitlements Issue. 

Company Quote

26 Nov 2014