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Red 5 Ltd Announces Completion Of Share Placement


Sunday, 8 Sep 2013 07:39pm EDT 

Red 5 Ltd announced that the proposed private placement announced on September 5, 2013 has been concluded, with final commitments received for a total of $50,000,000, comprising 500,000,000 ordinary fully paid shares at an issue price of 10 cents per share. Settlement of the first tranche of the share placement of $2,030,000 is expected to occur on September 11, 2013. The second tranche of the placement comprises 479,700,000 shares at 10 cents per share for gross proceeds of $47,970,000. Existing shareholders dominated the subscriptions. New investors included funds domiciled in Australia, Hong Kong and the United Kingdom. The placement was completed by Petra Capital Limited acting as exclusive lead manager and book runner. A further $10,000,000 is proposed to be raised through a Share Purchase Plan (SPP) offer to eligible shareholders also at 10 cents per share with the directors reserving the right to accept oversubscriptions of up to a further $5,000,000. The record date for the SPP is September 4, 2013. Key dates in respect of the SPP will be outlined in the SPP offer document to be sent to shareholders with the notice of general meeting seeking shareholder approval for completion of the second tranche of the placement and the SPP. 

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