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Silver Lake Resources Ltd Raises $47.5 Million via an Underwritten Placement and Announces Share Purchase Plan to Repay Debt and for Working Capital Requirements

Monday, 26 Aug 2013 08:23pm EDT 

Silver Lake Resources Ltd announced that it has resolved to raise $47.5 million (before costs) through an underwritten placement of 55.9 million fully paid ordinary shares (Shares) to institutional and other sophisticated and professional investors in Australia and other jurisdictions at an issue price of $0.85 per new Share. The Placement is fully underwritten by RBC Capital Markets. Silver Lake also intends to raise up to a further $15 million through a Share Purchase Plan (SPP) to eligible shareholders at $0.85 per share. If applications for the SPP are received in excess of this amount, they will be scaled back on an equitable basis. The record date for the SPP is August 26, 2013 and an SPP offer document (SPP Offer Document) will be released shortly which will provide further important information regarding the SPP. Net proceeds raised from the Placement, the SPP and the placement to directors will be used to repay the Company's outstanding debt facilities and provide working capital for its operations. The Placement is fully underwritten by RBC Capital Markets, which is acting as Sole Bookrunner and Global Lead Manager to the Placement. Fairfax Securities Corporation DBA Jett Capital Advisors is acting as Co-Manager to the Placement. 

Company Quote

27 Feb 2015