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ADAVALE RESOURCES LIMITED — Capital/Financing Update 2011
Dec 1, 2011
64300_rns_2011-12-01_c3f40535-360f-43b7-8d15-bad20fc38440.pdf
Capital/Financing Update
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A.B.N . 91 008 719 015
2 December 2011
Company Announcements Platform Australian Securities Exchange 20 Bridge Street Sydney NSW 2000
Dear Sir/Madam
Cancellation and Expiration of Options and Confirmation of Capital Structure
Further to the announcement made by Adavale Resources Limited (ASX: ADD) on 25 November, 2011, it wishes to advise that the following management options have been cancelled:
| Number | Unlisted Options |
|---|---|
| 10,000,000 | Class A Management Options – exercisable at $0.10 on or before 1 March 2014 conditional on the volume weighted average price of Adavale shares remaining above $0.20 for 30 consecutive days |
| 10,000,000 | Class B Management Options – exercisable at $0.10 on or before 1 March 2014 conditional on the volume weighted average price of Adavale shares remaining above $0.40 for 30 consecutive days |
| 10,000,000 | Class C Management Options – exercisable at $0.10 on or before 1 March 2015 conditional on the volume weighted average price of Adavale shares remaining above $0.60 for 30 consecutive days |
The company also advises that the following unlisted options have lapsed:
| Number | Unlisted Options | |
|---|---|---|
| 1,428,571 | Unlisted options exercisable at $0.21 on or before 30 November 2011 |
|
| 1,547,619 | Unlisted options exercisable at $0.21 on before 1 December 2011 |
|
Address: U8-9 Forrest Street Cottesloe, Perth, Western Australia, Australia 6001 l Postal Address: PO Box 968, Cottesloe, Perth, Western Australia, Australia 6911. Telephone: (08) 9467 2049 l Facsimile: (08) 9286 2900 l Email: [email protected] l Website: www.adavaleresources.com.au
A.B.N . 91 008 719 015
The company confirms that the capital structure is:
| Number | Class |
|---|---|
| 316,990,019 | Fully Paid Ordinary Shares |
| 65,697,897 | Unlisted options exercisable at $0.04 on or before 31 July 2014 offered pursuant to the Offer and Placement |
| 10,000,000 | Class A Options – exercisable a $0.04 on or before 31 July 2014 |
| 10,000,000 | Class B Options – exercisable at $0.04 on or before 31 July 2014 with vesting on that date on which Adavale Resources Limited sells and ships its first load of coal |
| 10,000,000 | Class C Options – exercisable at $0.045 on or before 31 July 2015 with vesting on that date on which Adavale Resources Limited sells and ships its 500,000thtonne of coal |
| 10,000,000 | Class D Options – exercisable at $0.05 on or before 31 July 2016 with vesting on that date on which Adavale Resources Limited sells and ships its 1,000,000thtonne of coal |
| 10,000,000 | Arthur Phillip Options – exercisable at $0.04 on or before 31 July 2014 |
Adavale Resources Limited Sylvie Dimarco Company Secretary
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Address: U8-9 Forrest Street Cottesloe, Perth, Western Australia, Australia 6001 l Postal Address: PO Box 968, Cottesloe, Perth, Western Australia, Australia 6911. Telephone: (08) 9467 2049 l Facsimile: (08) 9286 2900 l Email: [email protected] l Website: www.adavaleresources.com.au