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Niuminco Group Ltd Announces Renounceable Rights Issue And Share Purchase Plan

Tuesday, 12 Nov 2013 05:17pm EST 

Niuminco Group Ltd announced a renounceable pro rata offer of new shares at an issue price of 0.7 cents each on the basis of one new share for every four shares held on the record date; and An offer to subscribe for a maximum of $15,000 worth of fully paid ordinary shares at 0.7 cents per share in the Company through a Share Purchase Plan. All Eligible Shareholders may participate in either or both of the Rights Issue and the Share Purchase Plan. In the unlikely event that the Rights Issue and Share Purchase Plan were fully subscribed, the Company would raise up to the sum of $862,182 pursuant to the Rights Issue and up to the sum of $1,034,619 pursuant to the Share Purchase Plan making an aggregate amount of $1,896,801. The funds raised from the Rights Issue and the SPP will be used for working capital purposes and to accelerate the Company’s and TNT’s advanced exploration and mining projects in Papua New Guinea and Tasmania respectively, with the objective of moving to near term development subject to positive results. 

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