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AF LEGAL GROUP LTD — Proxy Solicitation & Information Statement 2009
Sep 24, 2009
64326_rns_2009-09-24_e9914f51-1dee-44b9-9f4b-41c204a9000b.pdf
Proxy Solicitation & Information Statement
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25 September 2009
The Manager Company Announcements Office Australian Securities Exchange Limited PO Box H224 Australia Square SYDNEY NSW 2000
Dear Sir/ Madam,
NOTICE OF EXTRAORDINARY GENERAL MEETING
Please find attached the Notice of Extraordinary General Meeting which has been despatched to shareholders today.
Yours sincerely NAVIGATOR RESOURCES LTD
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Ian Macpherson Company Secretary
Unit 1, 34 King’s Park Road WEST PERTH WA 6005 PO Box 276 WEST PERTH WA 6872
Telephone: (08) 9226 5311 Facsimile: (08) 9226 5411 Email: [email protected] Website: www.navigatorresources.com.au
ASX Code: NAV ACN: 063 366 487
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ABN:�82�063�366�487�
NOTICE�OF�EXTRAORDINARY�GENERAL�MEETING��
EXPLANATORY�STATEMENT��
PROXY�FORM�
Date:� 29�October�2009�
Time:� 2.00pm�(WST)�
Place:� The�Celtic�Club� 48�Ord�Street� West�Perth,�Western�Australia�6005�
THIS�IS�AN�IMPORTANT�DOCUMENT.��PLEASE�READ�IT�CAREFULLY.��
If�Shareholders�are�in�doubt�as�to�how�they�should�vote,�they�should� seek�advice�from�their�professional�advisers�prior�to�voting.
CONTENTS�PAGE�
| CONTENTSPAGE | |
|---|---|
| NoticeofExtraordinaryGeneralMeeting | 3 |
| Agenda | 3 |
| ExplanatoryStatement | 7 |
| Glossary | 18 |
| AnnexureA–TermsandConditionsofPlacementOptions | 21 |
| AnnexureB–TermsandConditionsofRMBAHOptions | 23 |
| AnnexureC–TermsandConditionsofCasimirOptions | 25 |
| AnnexureD–CapitalStructurePostPlacementofSecurities | 27 |
| ProxyForm |
TIME�AND�PLACE�OF�MEETING�AND�HOW�TO�VOTE�
VENUE�
The�Extraordinary�General�Meeting�will�be�held�at�2.00pm�(WST)�on�Thursday,�29�October�2009�at�The� Celtic�Club,�48�Ord�Street,�West�Perth,�Western�Australia�6005.�
YOUR�VOTE�IS�IMPORTANT�
The�business�of�the�Extraordinary�General�Meeting�affects�your�shareholding�and�your�vote�is� important.�
HOW�TO�VOTE�
You�may�vote�by�attending�the�meeting�in�person,�by�proxy�or�by�authorised�representative.�
VOTING�IN�PERSON�
To�vote�in�person,�attend�the�Extraordinary�General�Meeting�on�the�date�and�at�the�place�set�out�above.�
VOTING�BY�PROXY�
To�vote�by�proxy,�please�complete�and�sign�the�enclosed�Proxy�Form�and�return�by:�
-
(a) hand�delivery�to�the�Company’s�registered�office�at�Unit�1,�34�King’s�Park�Road,�West�Perth,� Western�Australia�6005;�or�
-
(b) post�to�Navigator�Resources�Limited,�PO�Box�276,�West�Perth�WA�6872;�or�
-
(c) facsimile�to�the�Company�on�facsimile�number�(+61�8)�9226�5411;�or�
-
(d) email�to�the�Company�at�[email protected],�
so�that�it�is�received�not�later�than�at�2.00pm�(WST)�on�Tuesday,�27�October�2009.�
Proxy�Forms�received�later�than�this�time�will�be�invalid.�
2�
NOTICE�OF�EXTRAORDINARY�GENERAL�MEETING
Notice�is�hereby�given�that�an�Extraordinary�General�Meeting�of�Shareholders�will�be�held�at�2.00pm� (WST)�on�Thursday,�29�October�2009�at�The�Celtic�Club,�48�Ord�Street,�West�Perth,�Western�Australia� 6005.�
The�Explanatory�Statement�to�this�Notice�of�Meeting�provides�additional�information�on�matters�to�be� considered�at�the�Extraordinary�General�Meeting.��The�Explanatory�Statement�and�the�Proxy�Form�are� part�of�this�Notice�of�Meeting.�
The�Directors�have�determined�pursuant�to�Regulation�7.11.37�of�the�Corporations�Regulations�2001� (Cth)�that�the�persons�eligible�to�vote�at�the�Extraordinary�General�Meeting�are�those�who�are� registered�Shareholders�of�the�Company�at�5.00pm�(WST)�on�Tuesday,�27�October�2009.�
Terms�and�abbreviations�used�in�this�Notice�of�Meeting�and�Explanatory�Statement�are�defined�in�the� Glossary.�
AGENDA
1.� RESOLUTION�1�–�RATIFICATION�OF�PRIOR�ISSUE�OF�OPTIONS�TO�RMB�AUSTRALIA�HOLDINGS� LIMITED�(OR�ITS�NOMINEE)�
To�consider�and,�if�thought�fit,�to�pass�the�following�resolution�as�an� ordinary�resolution :�
"That,�for�the�purpose�of�ASX�Listing�Rule�7.4�and�for�all�other�purposes,�the�Shareholders�ratify� and�approve�the�issue�of�7,500,000�Options�to�RMB�Australia�Holdings�Limited�(or�its�nominee)� on�the�terms�and�conditions�set�out�in�the�Explanatory�Statement."�
Short�Explanation :�An�equity�issue�can�be�ratified�by�shareholders�in�accordance�with�ASX� Listing�Rule�7.4.��This�allows�the�company�the�flexibility�to�issue�shares�and�options�to�subscribe� for�fully�paid�ordinary�shares�in�the�future�up�to�the�threshold�of�15%�of�its�total�ordinary� securities�in�any�12�month�period.��Please�refer�to�the�Explanatory�Statement�for�details.�
Voting�Exclusion�Statement:�
The�Company�will�disregard�any�votes�cast�on�this�Resolution�by�RMB�Australia�Holdings�Limited� (or�its�nominee)�and�any�of�its�associates.��However,�the�Company�need�not�disregard�a�vote�if�it� is�cast�by�a�person�as�a�proxy�for�a�person�who�is�entitled�to�vote,�in�accordance�with�the� directions�on�the�Proxy�Form,�or�it�is�cast�by�the�person�chairing�the�meeting�as�proxy�for�a� person�who�is�entitled�to�vote,�in�accordance�with�a�direction�on�the�Proxy�Form�to�vote�as�the� proxy�decides.
2.� RESOLUTION�2�–�RATIFICATION�OF�PRIOR�ISSUE�OF�OPTIONS�IN�PLACEMENT�
To�consider�and,�if�thought�fit,�to�pass�the�following�resolution�as�an� ordinary�resolution :�
"That,�for�the�purpose�of�ASX�Listing�Rule�7.4�and�for�all�other�purposes,�the�Shareholders�ratify� and�approve�the�issue�of�22,058,823 Options�to�certain�institutions�and�sophisticated�investors� on�the�terms�and�conditions�set�out�in�the�Explanatory�Statement."�
Short�Explanation :�An�equity�issue�can�be�ratified�by�shareholders�in�accordance�with�ASX� Listing�Rule�7.4.��This�allows�the�company�the�flexibility�to�issue�shares�and�options�to�subscribe� for�fully�paid�ordinary�shares�in�the�future�up�to�the�threshold�of�15%�of�its�total�ordinary� securities�in�any�12�month�period.��Please�refer�to�the�Explanatory�Statement�for�details.�
3�
Voting�Exclusion�Statement :
The�Company�will�disregard�any�votes�cast�on�this�Resolution�by�any�person�who�participated�in� the�issue�and�any�of�their�associates.��However,�the�Company�need�not�disregard�a�vote�if�it�is� cast�by�a�person�as�a�proxy�for�a�person�who�is�entitled�to�vote,�in�accordance�with�the� directions�on�the�Proxy�Form,�or�it�is�cast�by�the�person�chairing�the�meeting�as�proxy�for�a� person�who�is�entitled�to�vote,�in�accordance�with�a�direction�on�the�Proxy�Form�to�vote�as�the� proxy�decides.�
3.� RESOLUTION�3�–�PARTICIPATION�BY�RELATED�PARTY�IN�PLACEMENT�–�ISSUE�OF�SHARES�AND� OPTIONS�TO�MR�ROBERT�HEALY��
To�consider�and,�if�thought�fit,�to�pass�the�following�resolution�as�an� ordinary�resolution :�
“That,�for�the�purpose�of�ASX�Listing�Rule�10.11�and�for�all�other�purposes,�the�Shareholders� approve�the�issue�by�the�Company�of:�
-
(a) 20,588,236�Shares�at�an�issue�price�of�A$0.17�per�Share;�and�
-
(b) 10,294,118�free�attaching�Options,�
to�Mr�Robert�Healy,�who�is�a�person�related�to�Mr�Matthew�Healy,�a�Director�of�the�Company�on� the�terms�and�conditions�set�out�in�the�Explanatory�Statement.”�
Short�Explanation :�A�company�must�not�issue�Equity�Securities�to�a�related�party�unless�the�company� obtains�shareholder�approval�to�do�so.��Please�refer�to�the�Explanatory�Statement�for�details.�
Voting�Exclusion�Statement:�
The�Company�will�disregard�any�votes�cast�on�this�Resolution�by�Mr�Robert�Healy,�Mr�Matthew� Healy�and�any�of�their�associates.��However,�the�Company�need�not�disregard�a�vote�if�it�is�cast� by�a�person�as�a�proxy�for�a�person�who�is�entitled�to�vote,�in�accordance�with�the�directions�on� the�Proxy�Form,�or�it�is�cast�by�the�person�chairing�the�meeting�as�proxy�for�a�person�who�is� entitled�to�vote,�in�accordance�with�a�direction�on�the�Proxy�Form�to�vote�as�the�proxy�decides.�
4.� RESOLUTION�4�–�PLACEMENT�OF�SHARES�AND�OPTIONS�
To�consider�and,�if�thought�fit,�to�pass�the�following�resolution�as�an� ordinary�resolution :�
“That,�for�the�purpose�of�ASX�Listing�Rule�7.1�and�for�all�other�purposes,�the�Shareholders� approve�the�allotment�and�issue�of�29,529,412�Shares�and�15,514,706�Options�to�certain� institutions�and�sophisticated�investors�at�an�issue�price�of�A$0.17�cents�per�Share,�on�the�terms� and�conditions�set�out�in�the�Explanatory�Statement.”�
Short�Explanation :�Subject�to�specified�exceptions,�a�company�must�not�issue�more�than�15%�of�the� number�of�securities�in�the�same�class�on�issue�at�the�commencement�of�that�12�month�period,� without�the�approval�of�shareholders.��Please�refer�to�the�Explanatory�Statement�for�details.�
Voting�Exclusion�Statement:��
The�Company�will�disregard�any�votes�cast�on�this�Resolution�by�any�person�who�may� participate�in�the�proposed�issue�and�a�person�who�might�obtain�a�benefit,�except�a�benefit� solely�in�the�capacity�of�a�holder�of�ordinary�securities,�and�any�associates�of�those�persons,�if� the�Resolution�is�passed.��However,�the�Company�need�not�disregard�a�vote�if�it�is�cast�by�a� person�as�a�proxy�for�a�person�who�is�entitled�to�vote,�in�accordance�with�the�directions�on�the� Proxy�Form,�or�it�is�cast�by�the�person�chairing�the�meeting�as�proxy�for�a�person�who�is�entitled� to�vote,�in�accordance�with�a�direction�on�the�Proxy�Form�to�vote�as�the�proxy�decides.�
4�
5.� RESOLUTION�5�–�ISSUE�OF�OPTIONS�TO�RMB�AUSTRALIA�HOLDINGS�LIMITED�
To�consider�and,�if�thought�fit,�to�pass�the�following�resolution�as�an� ordinary�resolution :�
“That,�for�the�purpose�of�ASX�Listing�Rule�7.1�and�for�all�other�purposes,�the�Shareholders� approve�the�allotment�and�issue�of�up�to�13,502,000�Options�to�RMB�Australia�Holdings�Limited� (or�its�nominee),�on�the�terms�and�conditions�set�out�in�the�Explanatory�Statement.”�
Short�Explanation: �Subject�to�specified�exceptions,�a�company�must�not�issue�more�than�15%�of� the�number�of�securities�in�the�same�class�on�issue�at�the�commencement�of�that�12�month� period,�without�the�approval�of�shareholders.�Please�refer�to�the�Explanatory�Statement�for� details.
Voting�Exclusion�Statement:��
The�Company�will�disregard�any�votes�cast�on�this�Resolution�by�RMB�Australia�Holdings�Limited� (or�its�nominee)�and�any�of�its�associates.��However�the�Company�need�not�disregard�a�vote�if�it� is�cast�by�a�person�as�a�proxy�for�a�person�who�is�entitled�to�vote,�in�accordance�with�the� directions�on�the�Proxy�Form,�or�it�is�cast�by�the�person�chairing�the�meeting�as�proxy�for�a� person�who�is�entitled�to�vote,�in�accordance�with�a�direction�on�the�Proxy�Form�to�vote�as�the� proxy�decides.�
6.� RESOLUTION�6�–�ISSUE�OF�OPTIONS�TO�CASIMIR�CAPITAL�(ASIA�PACIFIC)�PTY�LTD�
To�consider�and,�if�thought�fit,�to�pass�the�following�resolution�as�an� ordinary�resolution :�
“That,�for�the�purpose�of�ASX�Listing�Rule�7.1�and�for�all�other�purposes,�the�Shareholders� approve�the�issue�of�4,786,765�Options�to�Casimir�Capital�(Asia�Pacific)�Pty�Ltd�(or�its�nominee)� within�90�days�of�the�date�of�this�Resolution,�on�the�terms�and�conditions�set�out�in�the� Explanatory�Statement.”�
Short�Explanation: �Subject�to�specified�exceptions,�a�company�must�not�issue�more�than�15%�of� the�number�of�securities�in�the�same�class�on�issue�at�the�commencement�of�that�12�month� period,�without�the�approval�of�shareholders.�Please�refer�to�the�Explanatory�Statement�for� details.
Voting�Exclusion�Statement:
The�Company�will�disregard�any�votes�cast�on�this�Resolution�by�Casimir�Capital�(Asia�Pacific)�Pty� Ltd�(or�its�nominee)�and�any�of�its�associates.��However�the�Company�need�not�disregard�a�vote� if�it�is�cast�by�a�person�as�a�proxy�for�a�person�who�is�entitled�to�vote,�in�accordance�with�the� directions�on�the�Proxy�Form,�or�it�is�cast�by�the�person�chairing�the�meeting�as�proxy�for�a� person�who�is�entitled�to�vote,�in�accordance�with�a�direction�on�the�Proxy�Form�to�vote�as�the� proxy�decides.�
5�
Explanatory�Statement
The�Explanatory�Statement�accompanying�this�Notice�of�Extraordinary�General�Meeting�is�incorporated� in�and�comprises�part�of�this�Notice�of�Meeting.�
Shareholders�are�specifically�referred�to�the�Glossary�in�the�Explanatory�Statement�which�contains� definitions�of�capitalised�terms�used�both�in�this�Notice�of�Meeting�and�the�Explanatory�Statement.�
Proxies�
Please�note�that:�
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(a)� a�member�of�the�Company�entitled�to�attend�and�vote�at�the�Extraordinary�General�Meeting�is� entitled�to�appoint�a�proxy;�
-
(b)� a�proxy�need�not�be�a�member�of�the�Company;�and�
-
(c)� a�member�of�the�Company�entitled�to�cast�two�(2)�or�more�votes�may�appoint�two�(2)�proxies� and�may�specify�the�proportion�or�number�of�votes�each�proxy�is�appointed�to�exercise,�but� where�the�proportion�or�number�is�not�specified,�each�proxy�may�exercise�half�(½)�of�the�votes.�
The�enclosed�proxy�form�provides�further�details�on�appointing�proxies�and�lodging�proxy�forms.�
“Snap�shot”�Time�
The�Company�may�specify�a�time,�not�more�than�48�hours�before�the�meeting,�at�which�a�“snap�shot”�of� Shareholders�will�be�taken�for�the�purposes�of�determining�Shareholder�entitlements�to�vote�at�the� Extraordinary�General�Meeting.�
The�Directors�have�determined�that�all�Shares�of�the�Company�that�are�quoted�on�ASX�at�5.00pm�(WST)� on�Tuesday,�27�October�2009�shall,�for�the�purposes�of�determining�voting�entitlements�at�the� Extraordinary�General�Meeting,�be�taken�to�be�held�by�the�persons�registered�as�holding�the�Shares�at� that�time.�
Corporate�Representative�
Any�corporate�Shareholder�who�has�appointed�a�person�to�act�as�its�corporate�representative�at�the� Extraordinary�General�Meeting�should�provide�that�person�with�a�certificate�or�letter�executed�in� accordance�with�the�Corporations�Act�authorising�him�or�her�to�act�as�that�company’s�representative.�� The�authority�may�be�sent�to�the�Company�in�advance�of�the�meeting�or�handed�in�at�the�meeting�when� registering�as�a�corporate�representative.��An�appointment�of�corporate�representative�form�is�available� upon�request�from�the�Company�Secretary.�
BY�ORDER�OF�THE�BOARD�
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IK�Macpherson� Company�Secretary� Dated:��24�September�2009�
6�
EXPLANATORY�STATEMENT�
This�Explanatory�Statement�has�been�prepared�for�the�information�of�Shareholders�in�connection�with� the�business�to�be�conducted�at�the�Extraordinary�General�Meeting�to�be�held�at�The�Celtic�Club,�48�Ord� Street,�West�Perth,�Western�Australia�6005�on�Thursday,�29�October�2009�at�2.00pm�(WST).�
The�purpose�of�this�Explanatory�Statement�is�to�provide�Shareholders�with�all�information�known�to�the� Company�which�the�Directors�believe�to�be�material�to�Shareholders�in�deciding�whether�or�not�to�pass� the�Resolutions�in�the�accompanying�Notice�of�Meeting.�
This�Explanatory�Statement�should�be�read�in�conjunction�with�the�Notice�of�Extraordinary�General� Meeting.��Capitalised�terms�in�this�Explanatory�Statement�are�defined�in�the�Glossary.�
1 Overview�–�RMBAH�Funding�
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(a)� On�31�August�2009,�the�Company�accepted�a�committed�letter�of�offer�( Offer�Letter )� from�RMB�Resources�Limited�( RMB )�pursuant�to�which�RMB�Australia�Holdings�Limited� ( RMBAH �or�the� Lender )�agreed�to�provide�a�A$16,000,000�debt�financing�facility�to�the� Company�to�assist�with�the�purchase�and�re�commissioning�of�the�Bronzewing�Gold� Project,�the�development�of�the�Leonora�Gold�Project,�and�the�Company’s�general� working�capital�in�accordance�with�the�approved�budget.�
-
(b)� The�total�facility�amount�is�A$16,000,000�( Facility�Amount ),�divided�into�two�(2)� tranches�as�follows:�
-
(i)� a�loan�facility�of�A$9,000,000�( Tranche�1 );�and��
-
(ii)� a�loan�facility�of�A$7,000,000�( Tranche�2 ),�
(together�the� Facility ).�
-
(c)� As�security�for�the�Facility,�the�following�first�ranking�securities�have�been�granted�by� the�Company�or�each�Guarantor,�as�applicable:�
-
(i)� a�fixed�and�floating�charge�over�all�the�assets�and�undertaking�of�the�Company� and�each�Guarantor;�
-
(ii)� a�mortgage�over�Navigator�Bronzewing’s�mining�leases,�exploration�licences�and� miscellaneous�licences�comprising�the�Bronzewing�Gold�Project�( Bronzewing� Tenements );�
-
(iii)� a�mortgage�over�Navigator�Mining’s�mining�leases,�exploration�licences�and� miscellaneous�licences�comprising�the�Leonora�Gold�Project;�and�
-
(iv)� a�mortgage�over�the�Company’s�East�Kimberley�Cummins�Range�exploration� licence.�
-
(d)� The�key�commercial�terms�of�the�Facility�are�as�follows:�
-
(i)� the�Facility�is�available�for�drawdown�upon�satisfaction�of�conditions�precedent� up�to�31�December�2009;�
-
(ii)� Tranche�1�is�to�be�used�to�fund�the�acquisition�of�the�Bronzewing�Gold�Project� and�the�replacement�of�the�associated�environmental�performance�bonds;�
-
(iii)� Tranche�2�is�to�be�used�for�the�development�of�the�Bronzewing�Gold�Project,� the�Leonora�Gold�Project�or�the�Company’s�general�working�capital;�and�
-
(iv)� drawdown�of�Tranche�1�and�Tranche�2�is�each�subject�to�the�satisfaction�of�a� number�of�conditions�precedent�and�subsequent,�set�out�in�paragraph�(e)� below.�
7�
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(e) The�conditions�precedent�to�drawdown�of�Tranche�1�are�as�follows�and�have�been� satisfied:�
-
(i) all�facility�and�security�documentation�to�be�executed�and�registered�as� necessary;�
-
(ii) technical�and�legal�due�diligence�to�the�satisfaction�of�the�Arranger,�including�an� independent�review�as�to�the�sufficiency�of�the�Bronzewing�environmental� bonds�( Bond�Amount );�
-
(iii) all�fees�and�any�reimbursements�due�to�the�Arranger�have�been�paid�in�full;�
-
(iv) 7,500,000�Options�will�be�issued�to�the�Lender�(or�its�nominee)�before�first� drawdown�under�the�Facility�( First�Lender�Options );�
-
(v) the�Company�has�raised�a�minimum�of�A$6,000,000�in�equity�to�be�spent�on�the� Bronzewing�Gold�Project�or�associated�corporate�overheads�( Equity� Contribution );�
-
(vi) A$1,750,000�from�the�Equity�Contribution�to�be�placed�in�an�escrow�account�to� be�applied�only�to�environmental�rehabilitation�in�excess�of�the�Bond�Amount;� and�
-
(vii) consent�by�all�the�holders�of�royalties�over�any�of�the�Bronzewing�Tenements�to� the�sale�and�transfer�of�the�Bronzewing�Gold�Project�to�the�Company.�
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(f) The�condition�subsequent�to�drawdown�of�Tranche�1�is�the�issue�of�an�additional� 4,500,000�Options�to�the�Lender�(or�its�nominee)�by�31�October�2009�( Second�Lender� Options ).�
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(g) The�conditions�precedent�to�drawdown�of�Tranche�2�will�include:�
-
(i)� the�issue�of�9,002,000�Options�to�the�Lender�(or�its�nominee)�by�way�of� 1,286,000�Options�for�each�A$1,000,000�drawn�under�Tranche�2�( Third�Lender� Options );�
-
(ii)� there�is�no�material�adverse�change�in�the�Company;�and�
-
(iii) an�updated�Navigator�group�budget�to�30�June�2011.�
-
(h) The�Facility�is�repayable�in�a�single�instalment�due�on�30�September�2010,�but�may�be� extended�at�the�Company’s�election�to�30�June�2011�whereupon�an�extension�fee�will� be�payable.�
-
(i) Interest�is�payable�on�the�Facility�at�a�margin�over�the�bank�bill�swap�rate�which�the� Company�believes�is�commensurate�with�current�market�rates�having�regard�to�the� nature�of�the�Company�and�the�size�of�the�Facility.�
-
(j) An�up�front�fee�is�payable�for�the�establishment�of�the�Facility�which�the�Company� believes�is�commensurate�with�current�market�conditions.��The�fee�was�paid�on�the�first� drawdown�of�the�Facility�as�a�condition�precedent�to�drawdown�of�Tranche�1.�
-
(k) The�First�Lender�Options�were�issued�to�the�Lender�(or�its�nominee)�on�the�first� drawdown�of�Tranche�1.��The�ratification�of�the�issue�of�these�Options�is�the�subject�of� Resolution�1.�
-
(l) The�Equity�Contribution�required�as�a�condition�precedent�to�the�drawdown�of�Tranche� 1�has�been�successfully�completed�by�the�placement�of�45,617,646�Shares�( Tranche�1� Placement�Shares )�and�22,058,823�Options�( Tranche�1�Placement�Options )�(together,� the� Tranche�1�Placement�Securities )�to�institutional�and�sophisticated�investors�to�raise� A$7,755,000.�
8�
The�issue�of�the�Tranche�1�Placement�Shares�was�approved�by�Shareholders�at�the� extraordinary�general�meeting�held�on�30�July�2009.��The�Tranche�1�Placement�Options� were�issued�within�the�15%�placement�capacity�of�the�Company.��The�ratification�of�the� issue�of�Tranche�1�Placement�Options�is�the�subject�of�Resolution�2.�
-
(m) The�Company�proposes�to�raise�a�further�$8,520,000�in�additional�placements.��The� approval�of�these�placements�is�the�subject�of�Resolutions�3�and�4.�
-
(n) Resolution�3�seeks�approval�for�the�raising�of�A$3,500,000�through�the�placement�of� 20,588,236�Shares�and�10,294,118�Options�to�Mr�Robert�Healy,�who�is�a�related�party.�
-
(o) The�balance�of�A$5,020,000�is�to�be�raised�by�the�placement�of�29,529,412�Shares� ( Tranche�2�Placement�Shares )�and�15,514,706�Options�( Tranche�2�Placement�Options )� (together�the� Tranche�2�Placement�Securities )�to�institutional�and�sophisticated� investors.��The�issue�of�the�Tranche�2�Placement�Securities�requires�Shareholder� approval�and�is�the�subject�of�Resolution�4.�
-
(p) The�approval�of�the�issue�of�the�Second�Lender�Options�and�the�Third�Lender�Options�is� the�subject�of�Resolution�5.�
-
(q) The�capital�structure�of�the�Company�following�the�issue�of�securities�pursuant�to�each� Resolution�(subject�to�the�necessary�approvals)�is�set�out�in�Annexure�D.�
2 Resolution�1�–�Ratification�of�Prior�Issue�of�Options�to�RMB�Australia� Holdings�Limited�(or�its�nominee)�
2.1� General�
On�3�September�2009,�the�Company�announced�that�it�had�accepted�an�offer�of�A$16,000,000� of�debt�financing�from�RMB�Australia�Holdings�Limited.��Under�the�terms�of�the�Offer�Letter,�the� Company�is�required�to�issue�7,500,000�Options�to�RMBAH�(or�its�nominee)�as�a�condition� precedent�to�drawdown�of�Tranche�1.�
2.2� Relevant�ASX�Listing�Rules�
-
(a) ASX�Listing�Rule�7.1�provides�that�a�company�must�not,�subject�to�specified�exceptions,� issue�or�agree�to�issue�during�any�12�month�period�any�Equity�Securities,�or�other� securities�with�rights�to�conversion�to�equity�(such�as�an�option),�if�the�number�of�those� securities�exceeds�15%�of�the�number�of�securities�in�the�same�class�on�issue�at�the� commencement�of�that�12�month�period.�
-
(b) ASX�Listing�Rule�7.4�provides�that�an�issue�of�Equity�Securities�made�without�approval� under�ASX�Listing�Rule�7.1�will�be�treated�as�having�been�made�with�approval�for�the� purpose�of�ASX�Listing�Rule�7.1�where�a�company�in�general�meeting�ratifies�the� previous�issue�of�securities�made�pursuant�to�ASX�Listing�Rule�7.1�(and�provided�that�the� previous�issue�did�not�breach�ASX�Listing�Rule�7.1).�
2.3� Technical�Information�required�under�ASX�Listing�Rule�7.5�
Resolution�1�seeks�Shareholder�ratification�for�the�issue�of�the�First�Lender�Options�pursuant�to� ASX�Listing�Rule�7.4.��By�ratifying�the�issue�of�the�First�Lender�Options,�the�Company�will�retain� the�flexibility�to�issue�further�Equity�Securities�in�the�future�up�to�the�15%�annual�limit�set�out�in� ASX�Listing�Rule�7.1,�without�the�requirement�to�obtain�prior�Shareholder�approval.�
9�
In�accordance�with�ASX�Listing�Rule�7.5,�the�following�information�is�provided�in�relation�to�the� issue�of�the�First�Lender�Options:�
(a) Number�of�securities�issued�
7,500,000�Options.�
(b) The�price�at�which�the�securities�were�issued�
No�premium�was�payable�by�RMBAH�(or�its�nominee)�for�the�issue�of�the�First�Lender� Options.�The�First�Lender�Options�were�issued�by�the�Company�as�part�of�the� consideration�for�the�provision�of�the�Facility.�
(c) The�terms�of�the�securities�
The�Options�were�issued�on�the�terms�and�conditions�set�out�in�Annexure�B.�
(d) The�names�of�the�allottees�or�the�basis�on�which�allottees�were�determined�
The�Options�were�issued�to�RMBAH�(or�its�nominee).�
(e) The�use�(or�intended�use)�of�the�funds�raised�
Pursuant�to�the�Offer�Letter,�the�proceeds�of�the�exercise�of�the�Options�will�be�applied� towards�early�repayment�of�the�Facility.�
(f) Voting�exclusion�statement�
A�voting�exclusion�statement�for�Resolution�1�is�included�in�the�Notice�of�Meeting.�
3 Resolution�2�–�Ratification�of�Prior�Issue�of�Options�In�Placement�
3.1� General�
On�3�September�2009,�the�Company�announced�that�it�had�agreed�to�make�a�placement�of� Shares�to�raise�approximately�A$7,500,000�in�the�first�instalment.��Subscriptions�have�been� taken�for�the�issue�of�45,617,646�Shares�(being�the�Tranche�1�Placement�Shares)�and�22,058,823� Options�(being�the�Tranche�1�Placement�Options)�to�institutions�and�sophisticated�investors�to� raise�A$7,755,000.��The�Tranche�1�Placement�Shares�were�issued�to�the�Tranche�1�Subscribers.�� The�issue�of�the�Tranche�1�Placement�Shares�was�approved�by�Shareholders�at�an�extraordinary� general�meeting�held�on�30�July�2009.��The�Tranche�1�Placement�Options�were�issued�to�Tranche� 1�Subscribers�within�the�Company’s�15%�placement�capacity.�
3.2� Relevant�ASX�Listing�Rules�
-
(a) ASX�Listing�Rule�7.1�provides�that�a�company�must�not,�subject�to�specified�exceptions,� issue�or�agree�to�issue�during�any�12�month�period�any�Equity�Securities,�or�other� securities�with�rights�to�conversion�to�equity�(such�as�an�option),�if�the�number�of�those� securities�exceeds�15%�of�the�number�of�securities�in�the�same�class�on�issue�at�the� commencement�of�that�12�month�period.�
-
(b) ASX�Listing�Rule�7.4�provides�that�an�issue�of�Equity�Securities�made�without�approval� under�ASX�Listing�Rule�7.1�will�be�treated�as�having�been�made�with�approval�for�the� purpose�of�ASX�Listing�Rule�7.1�where�a�company�in�general�meeting�ratifies�the� previous�issue�of�securities�made�pursuant�to�ASX�Listing�Rule�7.1�(and�provided�that� the�previous�issue�did�not�breach�ASX�Listing�Rule�7.1).�
10�
3.3� Technical�Information�required�under�ASX�Listing�Rule�7.5�
Resolution�2�seeks�Shareholder�ratification�for�the�issue�of�the�Tranche�1�Placement�Options� pursuant�to�ASX�Listing�Rule�7.4.��By�ratifying�the�issue�of�the�Tranche�1�Placement�Options,�the� Company�will�retain�the�flexibility�to�issue�further�Equity�Securities�in�the�future�up�to�the�15%� annual�limit�set�out�in�ASX�Listing�Rule�7.1,�without�the�requirement�to�obtain�prior�Shareholder� approval.�
In�accordance�with�ASX�Listing�Rule�7.5,�the�following�information�is�provided�in�relation�to�the� issue�of�the�Tranche�1�Placement�Options:�
(a) Number�of�securities�issued�
22,058,823�Options.�
(b) The�price�at�which�the�securities�were�issued�
The�Options�were�issued�for�nil�consideration.�
(c) The�terms�of�the�securities�
The�Options�were�issued�on�the�terms�and�conditions�set�out�in�Annexure�A.�
(d) The�names�of�the�allottees�or�the�basis�on�which�allottees�were�determined�
The�Options�were�issued�to�domestic�and�international�institutions�and�other� professional�or�sophisticated�investors�introduced�by�Casimir�as�manager�of�the� placement.��None�of�the�allottees�are�related�parties�of�the�Company.�
(e) The�use�(or�intended�use)�of�the�funds�raised�
The�proceeds�of�the�exercise�of�the�Options�will�be�applied�towards�the�general�working� capital�of�the�Company.�
(f) Voting�exclusion�statement�
A�voting�exclusion�statement�for�Resolution�2�is�included�in�the�Notice�of�Meeting.�
4 Resolution�3�–�Participation�by�Related�Party�in�Placement�–�Issue�of� Shares�and�Options�to�Mr�Robert�Healy
4.1� General�
Resolution�3�seeks�Shareholder�approval�in�accordance�with�ASX�Listing�Rule�10.11�for�the�issue� of:�
-
(a) 20,588,236 Shares�at�an�issue�price�of�$0.17�per�Share�( Healy�Shares );�and�
-
(b) 10,294,118�free�attaching�Options�( Healy�Options ),�
to�Mr�Robert�Healy.�
11�
4.2� Relevant�ASX�Listing�Rules�
-
(a) ASX�Listing�Rule�10.11�requires�Shareholder�approval�to�be�obtained�in�order�for�an�entity� to�issue,�or�agree�to�issue,�Equity�Securities�to�a�related�party,�or�a�person�whose� relationship�with�the�entity�or�a�related�party�is,�in�ASX’s�opinion,�such�that�approval� should�be�obtained,�unless�an�exception�in�ASX�Listing�Rule�10.12�applies.�
-
(b) ASX�Listing�Rule�7.1�also�requires�the�Company�to�obtain�Shareholder�approval�in�order�to� issue�Equity�Securities�representing�more�than�15%�of�the�Company’s�Shares�on�issue� (unless�one�of�the�exceptions�in�ASX�Listing�Rule�7.2�applies).��Exception�14�in�ASX�Listing� Rule�7.2�is�an�issue�made�with�Shareholder�approval�under�ASX�Listing�Rule�10.11�and� provides�that�if�approval�is�given�under�ASX�Listing�Rule�10.11,�approval�is�not�required� under�ASX�Listing�Rule�7.1.�
4.3� Technical�Information�required�under�ASX�Listing�Rule�10.13�
In�accordance�with�ASX�Listing�Rule�10.13,�the�following�information�is�provided�to�Shareholders� in�relation�to�the�issue�of�the�Healy�Shares�and�the�Healy�Options:�
(a) The�name�of�the�person�
Mr�Robert�Healy�
- (b) The�maximum�number�of�securities�to�be�issued�(if�known)�or�the�formula�for� calculating�the�number�of�securities�to�be�issued�to�the�person�
20,588,236�Shares�and�10,294,118�Options.�
(c) The�date�by�which�the�Company�will�issue�the�securities,�which�must�not�be�more�than� 1�month�after�the�date�of�the�meeting�
The�Company�intends�to�issue�the�Healy�Shares�and�the�Healy�Options�within�one�(1)� month�after�the�date�of�the�Extraordinary�General�Meeting�(or�such�later�date�as� permitted�by�any�ASX�waiver�or�modification�of�the�ASX�Listing�Rules).��It�is�intended� that�allotment�and�issue�will�occur�on�the�same�date�as�the�issue�of�the�Tranche�2� Placement�Securities�to�be�approved�under�Resolution�4�below.�
(d) If�the�person�is�not�a�Director,�a�statement�of�the�relationship�between�the�person�and� the�Director�that�requires�the�approval�to�be�obtained�
If�Resolution�3�is�passed,�the�Healy�Shares�and�the�Healy�Options�will�be�issued�to�Mr� Robert�Healy,�the�father�of�Mr�Matthew�Healy�who�is�a�Director�of�the�Company.�
(e) The�issue�price�of�the�securities�and�a�statement�of�the�terms�of�the�issue�
The�Healy�Shares�will�be�issued�by�the�Company�at�A$0.17�per�Share,�being�the�same� issue�price�as�the�Tranche�2�Issue�Price.��The�Healy�Shares�will�be�fully�paid�ordinary� shares�in�the�capital�of�the�Company�issued�on�the�same�terms�and�conditions�as�the� Company’s�existing�Shares.�
The�Healy�Options�will�be�issued�by�the�Company�for�nil�consideration,�being�free� attaching�Options�to�the�Healy�Shares�and�issued�at�the�rate�of�one�(1)�Option�for�every� two�(2)�Healy�Shares�issued.��The�Healy�Options�will�be�issued�on�the�terms�and� conditions�set�out�in�Annexure�A.�
12�
(f) A�voting�exclusion�statement�
A�voting�exclusion�statement�for�Resolution�3�is�included�in�the�Notice�of�Meeting.�
(g) The�intended�use�of�the�funds�raised�
The�funds�raised�by�the�issue�of�the�Healy�Shares�will�be�applied�towards�progressing� the�re�commissioning�of�the�Bronzewing�Gold�Project,�the�trial�mining�operation�at�the� Leonora�Gold�Project�and�the�Company’s�general�working�capital.�
5 Resolution�4�–�Placement�of�Shares�and�Options�
5.1� General�
The�Company�proposes�a�further�placement�to�raise�a�further�A$5,020,000�by�issuing� 29,529,412�Shares�(being�the� Tranche�2�Placement�Shares )�and�15,514,706�Options�(being�the� Tranche�2�Placement�Options )�(together,�being�the� Tranche�2�Placement�Securities )�to� institutions�and�sophisticated�investors.��The�Tranche�2�Placement�Securities�will�be�issued�to� the�Tranche�2�Subscribers.��The�Company�intends�to�apply�the�proceeds�of�the�Tranche�2� Placement�Shares�towards�recommissioning�operations�at�the�Bronzewing�Gold�Project�and� towards�undertaking�trial�mining�at�the�Leonora�Gold�Project.�
5.2� Relevant�ASX�Listing�Rules�
ASX�Listing�Rule�7.1�provides�that�a�company�must�not,�subject�to�specified�exceptions,�issue�or� agree�to�issue�during�any�12�month�period�any�Equity�Securities,�or�other�securities�with�rights� to�conversion�to�equity�(such�as�an�option),�if�the�number�of�those�securities�exceeds�15%�of�the� number�of�securities�in�the�same�class�on�issue�at�the�commencement�of�that�12�month�period� without�the�prior�approval�of�Shareholders�at�a�general�meeting.�
The�Company’s�proposed�issue�of�the�Tranche�2�Placement�Securities�requires�Shareholder� approval�under�ASX�Listing�Rule�7.1�and�none�of�the�exceptions�in�ASX�Listing�Rule�7.2�apply.�
5.3� Technical�Information�required�under�ASX�Listing�Rule�7.3�
Resolution�4�seeks�Shareholder�approval�for�the�issue�of�the�Tranche�2�Placement�Securities� pursuant�to�ASX�Listing�Rule�7.1.��By�approving�the�issue�of�the�Tranche�2�Placement�Securities,� the�Company�will�retain�the�flexibility�to�issue�further�Equity�Securities�in�the�future�up�to�the� 15%�annual�limit�set�out�in�ASX�Listing�Rule�7.1,�without�the�requirement�to�obtain�prior� Shareholder�approval.�
In�accordance�with�ASX�Listing�Rule�7.3,�the�following�information�is�provided�in�relation�to�the� issue�of�the�Tranche�2�Placement�Securities:�
- (a) The�maximum�number�of�securities�the�entity�is�to�issue�(if�known)�or�the�formula�for� calculating�the�number�of�securities�the�entity�is�to�issue�
29,529,412�Shares�and�15,514,706�Options.�
- (b) The�date�by�which�the�entity�will�issue�the�securities�(which�must�be�no�later�than�3� months�after�the�date�of�the�meeting)�
It�is�anticipated�that,�subject�to�Shareholder�approval,�the�Tranche�2�Placement� Securities�will�be�issued�no�later�than�three�(3)�months�after�the�date�of�the� Extraordinary�General�Meeting�(or�such�later�date�to�the�extent�permitted�by�any�ASX� waiver�or�modification�of�the�ASX�Listing�Rules)�and�it�is�intended�that�allotment�and� issue�of�the�securities�will�occur�on�the�one�(1)�date.�
13�
(c) The�issue�price�of�the�securities,�which�must�be�either�a�fixed�price�or�a�minimum� price�
A$0.17�per�Share�( Tranche�2�Issue�Price ).��The�Options�will�be�issued�for�nil� consideration.�
(d) The�names�of�the�allottees�(if�known)�or�the�basis�upon�which�the�allottees�will�be� identified�or�selected�
The�Tranche�2�Placement�Securities�will�be�allotted�and�issued�to�domestic�and� international�institutions�and�other�professional�or�sophisticated�investors�introduced� by�Casimir�as�manager�of�the�placement.��None�of�the�allottees�are�related�parties�of�the� Company.�
(e) The�terms�of�the�securities�
The�Tranche�2�Placement�Shares�will�comprise�fully�paid�ordinary�Shares�of�the� Company�ranking�equally�with�all�other�ordinary�Shares�of�the�Company.�
The�Tranche�2�Placement�Options�will�be�subject�to�the�terms�and�conditions�set�out�in� Annexure�A.�
(f) The�intended�use�of�the�funds�raised�
The�Company�intends�to�use�the�funds�raised�from�the�issue�of�the�Tranche�2�Placement� Shares�to�progress�the�recommissioning�of�the�Bronzewing�Gold�Project�and�to� undertake�trial�mining�at�the�Leonora�Gold�Project.�
(g) The�dates�of�allotment�or�a�statement�that�allotment�will�occur�progressively�
See�paragraph�5.3(b)�above.�
(h) A�voting�exclusion�statement�
A�voting�exclusion�statement�for�Resolution�4�is�included�in�the�Notice�of�Meeting.�
- (i) In�the�case�of�an�agreement�for�the�allotment�of�securities�which�is�part�of�a�public� offer,�a�voting�exclusion�statement�in�relation�to�a�party�to�the�agreement,�and�an� adequate�summary�of�the�agreement�
Not�applicable.�
6 Resolution�5�–�Issue�of�Options�to�RMBAH�(or�its�nominee)
6.1� General�
The�Company�seeks�Shareholder�approval�to�allot�and�issue�the�Second�Lender�Options�and�the� Third�Lender�Options�to�RMBAH�(or�its�nominee)�on�the�terms�and�conditions�set�out�below.�
6.2� Relevant�ASX�Listing�Rules�
ASX�Listing�Rule�7.1�provides�that�a�company�must�not,�subject�to�specified�exceptions,�issue�or� agree�to�issue�during�any�12�month�period�any�Equity�Securities,�or�other�securities�with�rights� to�conversion�to�equity�(such�as�an�option),�if�the�number�of�those�securities�exceeds�15%�of�the� number�of�securities�in�the�same�class�on�issue�at�the�commencement�of�that�12�month�period� without�the�prior�approval�of�Shareholders�at�a�general�meeting.�
14�
The�Company’s�proposed�issue�of�the�Second�Lender�Options�and�the�Third�Lender�Options�to� RMBAH�(or�its�nominee)�requires�Shareholder�approval�under�ASX�Listing�Rule�7.1�and�none�of� the�exceptions�in�ASX�Listing�Rule�7.2�apply.�
6.3� Technical�Information�required�under�ASX�Listing�Rule�7.3�
In�accordance�with�ASX�Listing�Rule�7.3,�the�following�information�is�provided�in�relation�to�the� issue�of�the�Second�Lender�Options�and�the�Third�Lender�Options�to�RMBAH�(or�its�nominee):�
- (a) The�maximum�number�of�securities�the�entity�is�to�issue�(if�known)�or�the�formula�for� calculating�the�number�of�securities�the�entity�is�to�issue�
13,502,000�Options,�being�4,500,000�Options�to�be�issued�in�respect�of�the�Second� Lender�Options�and�9,002,000�Options�to�be�issued�in�respect�of�the�Third�Lender� Options.�
(b) The�date�by�which�the�entity�will�issue�the�securities�(which�must�be�no�later�than�3� months�after�the�date�of�the�meeting)�
Pursuant�to�the�Offer�Letter,�the�Second�Lender�Options�must�be�issued�on�or�before�� 31�October�2009�and�the�Third�Lender�Options�will�be�issued�at�the�rate�of�1,286,000� Options�for�each�A$1,000,000�drawn�down�under�Tranche�2�of�the�Facility.�
As�it�is�possible�that�the�issue�date�of�the�Third�Lender�Options�may�be�later�than�three� (3)�months�after�the�date�of�the�Extraordinary�General�Meeting,�the�Company�has� applied�for�a�waiver�in�respect�of�this�requirement�under�the�ASX�Listing�Rules.�
(c) The�issue�price�of�the�securities,�which�must�be�either�a�fixed�price�or�a�minimum� price�
No�premium�is�payable�by�RMBAH�(or�its�nominee)�for�the�issue�of�the�Second�Lender� Options�or�the�Third�Lender�Options.��The�Second�Lender�Options�and�the�Third�Lender� Options�are�to�be�issued�by�the�Company�as�part�of�the�consideration�for�the�provision� of�the�Facility.�
- (d) The�names�of�the�allottees�(if�known)�or�the�basis�upon�which�the�allottees�will�be� identified�or�selected�
The�Options�will�be�issued�to�RMBAH�(or�its�nominee).�
(e) The�terms�of�the�securities�
The�Second�Lender�Options�and�the�Third�Lender�Options�are�subject�to�the�terms�and� conditions�set�out�in�Annexure�B.�
(f) The�intended�use�of�the�funds�raised�
Pursuant�to�the�Offer�Letter,�if�any�Options�are�exercised�by�RMBAH�(or�its�nominee),� the�exercise�proceeds�will�first�be�applied�against�any�amount�outstanding�under�the� Facility�and�the�balance�will�be�applied�towards�the�Company’s�general�working�capital.�
(g) The�dates�of�allotment�or�a�statement�that�allotment�will�occur�progressively�
See�paragraph�6.3(b).�
15�
(h) A�voting�exclusion�statement�
A�voting�exclusion�statement�for�Resolution�5�is�included�in�the�Notice�of�Meeting.��
- (i) In�the�case�of�an�agreement�for�the�allotment�of�securities�which�is�part�of�a�public� offer,�a�voting�exclusion�statement�in�relation�to�a�party�to�the�agreement,�and�an� adequate�summary�of�the�agreement�
Not�applicable.�
7 Resolution�6�–�Issue�Of�Options�To�Casimir�Capital�(Asia�Pacific)�Pty�Ltd
7.1� General�
Casimir�Capital�(Asia�Pacific)�Pty�Ltd�( Casimir )�was�mandated�by�the�Company�to�manage�the� placement�of�approximately�A$15,000,000�to�institutional�and�sophisticated�investors.��Part�of� the�placement�fee�agreed�between�the�Company�and�Casimir�was�the�issue�of�options�to� Casimir�or�its�nominee.�
The�Company�has�agreed,�subject�to�obtaining�Shareholder�approval,�to�allot�and�issue� 4,786,765�Options�to�Casimir�(or�its�nominee)�( Casimir�Options ).�
7.2� Relevant�ASX�Listing�Rules�
ASX�Listing�Rule�7.1�provides�that�a�company�must�not,�subject�to�specified�exceptions,�issue�or� agree�to�issue�during�any�12�month�period�any�Equity�Securities,�or�other�securities�with�rights� to�conversion�to�equity�(such�as�an�option),�if�the�number�of�those�securities�exceeds�15%�of�the� number�of�securities�in�the�same�class�on�issue�at�the�commencement�of�that�12�month�period� without�the�prior�approval�of�Shareholders�at�a�general�meeting.�
The�Company’s�proposed�issue�of�the�Casimir�Options�requires�Shareholder�approval�under�ASX� Listing�Rule�7.1�and�none�of�the�exceptions�in�ASX�Listing�Rule�7.2�apply.�
7.3� Technical�Information�required�under�ASX�Listing�Rule�7.3�
In�accordance�with�ASX�Listing�Rule�7.3,�the�following�information�is�provided�in�relation�to�the� issue�of�the�Casimir�Options:�
- (a) The�maximum�number�of�securities�the�entity�is�to�issue�(if�known)�or�the�formula�for� calculating�the�number�of�securities�the�entity�is�to�issue�
4,786,765�Options.�
- (b) The�date�by�which�the�entity�will�issue�the�securities�(which�must�be�no�later�than�3� months�after�the�date�of�the�meeting)�
It�is�anticipated�that,�subject�to�Shareholder�approval,�the�Casimir�Options�will�be�issued� no�later�than�seven�(7)�Business�Days�after�the�date�of�the�Extraordinary�General� Meeting�and�it�is�intended�that�allotment�and�issue�of�the�securities�will�occur�on�the� one�(1)�date.�
16�
(c) The�issue�price�of�the�securities,�which�must�be�either�a�fixed�price�or�a�minimum� price�
No�premium�is�payable�by�Casimir�for�the�issue�of�the�Options.��The�Options�are�to�be� issued�by�the�Company�as�part�of�the�consideration�for�managing�the�placement�of�the� Tranche�1�Placement�Securities�and�the�Tranche�2�Placement�Securities.�
- (d) The�names�of�the�allottees�(if�known)�or�the�basis�upon�which�the�allottees�will�be� identified�or�selected�
The�Options�will�be�issued�to�Casimir.�
(e) The�terms�of�the�securities�
The�Casimir�Options�are�to�be�issued�on�the�following�terms:�
-
(i) 500,000�Options�will�be�subject�to�the�terms�and�conditions�set�out�in�Annexure� A�( First�Casimir�Options );�and�
-
(ii) 4,286,765�Options�will�be�subject�to�the�terms�and�conditions�set�out�in� Annexure�C�( Second�Casimir�Options ).�
(f) The�intended�use�of�the�funds�raised�
The�proceeds�of�exercise�of�the�Casimir�Options�will�be�applied�towards�the�Company’s� general�working�capital.�
(g) The�dates�of�allotment�or�a�statement�that�allotment�will�occur�progressively�
See�paragraph�7.3(b).�
(h) A�voting�exclusion�statement�
A�voting�exclusion�statement�for�Resolution�6�is�included�in�the�Notice�of�Meeting.�
- (i) In�the�case�of�an�agreement�for�the�allotment�of�securities�which�is�part�of�a�public� offer,�a�voting�exclusion�statement�in�relation�to�a�party�to�the�agreement,�and�an� adequate�summary�of�the�agreement�
Not�applicable.�
17�
GLOSSARY�
$� and� A$ �means�Australian�dollars.�
Arranger �means�RMB�Resources�Limited�ACN�074�930�715.�
ASIC �means�the�Australian�Securities�and�Investments�Commission.�
ASX �means�ASX�Limited.�
ASX�Listing�Rules �means�the�Listing�Rules�of�ASX.�
Board �means�the�current�board�of�Directors�of�the�Company.�
Bond�Amount �is�defined�in�paragraph�1(e)(ii)�of�the�Explanatory�Statement.�
Bronzewing�Gold�Project �means�the�project�located�approximately�83km�northeast�of�Leinster�and� 800km�northeast�of�Perth�and�comprises�the�Bronzewing�and�McClure�group�of�mines,�the�Bronzewing� processing�plant�and�related�infrastructure.�
Bronzewing�Tenements �is�defined�in�paragraph�1(c)(ii)�of�the�Explanatory�Statement.�
Business�Day �means�Monday�to�Friday�inclusive,�except�New�Year’s�Day,�Good�Friday,�Easter�Monday,� Christmas�Day,�Boxing�Day�and�any�other�day�that�ASX�declares�is�not�a�business�day.�
Casimir �means�Casimir�Capital�(Asia�Pacific)�Pty�Ltd�ACN�136�546�631.�
Casimir�Options� is�defined�in�paragraph�7.1�of�the�Explanatory�Statement.�
Company �means�Navigator�Resources�Limited�ACN�063�366�487.�
Constitution �means�the�Company’s�constitution.�
Corporations�Act �means�the�Corporations�Act�2001�(Cth).�
Directors �mean�the�current�Directors�of�the�Company.�
Equity�Contribution �is�defined�in�paragraph�1(e)(v)�of�the�Explanatory�Statement.�
Equity�Securities �has�the�same�meaning�as�in�the�ASX�Listing�Rules.�
Explanatory�Statement �means�the�explanatory�statement�accompanying�the�Notice�of�Meeting.�
Extraordinary�General�Meeting �means�the�meeting�convened�by�the�Notice�of�Meeting.�
Facility �is�defined�in�paragraph�1(b)�of�the�Explanatory�Statement.�
Facility�Amount �is�defined�in�paragraph�1(b)�of�the�Explanatory�Statement.�
First�Casimir�Options �is�defined�in�paragraph�7.3(e)(i)�of�the�Explanatory�Statement.�
First�Lender�Options �is�defined�in�paragraph�1(e)(iv)�of�the�Explanatory�Statement.�
Guarantor �means�Navigator�Mining�and�Navigator�Bronzewing.�
18�
Healy�Shares� is�defined�in�paragraph�4.1(a)�of�the�Explanatory�Statement.�
Healy�Options� is�defined�in�paragraph�4.1(b)�of�the�Explanatory�Statement.�
Lender �means�RMBAH.�
Leonora�Gold�Project �means�the�project�located�35km�northeast�of�the�town�of�Leonora,�and�comprises� various�deposits�including�Mertondale,�Raeside�and�Cardinia.�
Navigator�Bronzewing �means�Navigator�(Bronzewing)�Pty�Ltd�ACN�135�597�634.�
Navigator�Mining �means�Navigator�Mining�Pty�Ltd�ACN�109�351�564.�
Notice�of�Meeting �or� Notice�of�Extraordinary�General�Meeting �means�this�notice�of�general�meeting� including�the�Explanatory�Statement.�
Offer�Letter �is�defined�in�paragraph�1(a)�of�the�Explanatory�Statement.�
Option� means�an�option�to�acquire�a�Share.�
Optionholder� means�a�holder�of�an�Option.�
Placement�Options �means�the�Tranche�1�Placement�Options,�the�Tranche�2�Placement�Options,�the� Healy�Options�and�the�First�Casimir�Options,�all�of�which�are�subject�to�the�terms�and�conditions�set�out� in�Annexure�A.�
Resolutions �means�the�resolutions�set�out�in�the�Notice�of�Meeting,�or�any�one�of�them,�as�the�context� requires.�
RMB� means�RMB�Resources�Limited�ACN�074�930�715.�
RMBAH �means�RMB�Australia�Holdings�Limited�ACN�003�201�214.�
RMBAH�Options� means�the�First�Lender�Options,�the�Second�Lender�Options�and�the�Third�Lender� Options,�all�of�which�are�subject�to�the�terms�and�conditions�set�out�in�Annexure�B.��
Second�Casimir�Options �is�defined�in�paragraph�7.3(e)(ii)�of�the�Explanatory�Statement.�
Second�Lender�Options �is�defined�in�paragraph�1(f)�of�the�Explanatory�Statement.�
Share �means�a�fully�paid�ordinary�share�in�the�capital�of�the�Company.�
Shareholder �means�a�holder�of�a�Share.�
Third�Lender�Options �is�defined�in�paragraph�1(g)(i)�of�the�Explanatory�Statement.�
Tranche�1 �is�defined�in�paragraph�1(b)(i)�of�the�Explanatory�Statement.�
Tranche�1�Placement�Options �is�defined�in�paragraph�1(l)�of�the�Explanatory�Statement.�
Tranche�1�Placement�Securities �is�defined�in�paragraph�1(l)�of�the�Explanatory�Statement.�
Tranche�1�Placement�Shares �is�defined�in�paragraph�1(l)�of�the�Explanatory�Statement.�
Tranche�1�Subscribers �means�the�subscribers�of�the�Tranche�1�Placement�Securities�described�in� paragraph�3.3(d)�of�the�Explanatory�Statement.�
19�
Tranche�2 �is�defined�in�paragraph�1(b)(ii)�of�the�Explanatory�Statement.�
Tranche�2�Issue�Price �is�defined�in�paragraph�5.3(c)�of�the�Explanatory�Statement.�
Tranche�2�Placement�Options �is�defined�in�paragraph�1(o)�of�the�Explanatory�Statement.�
Tranche�2�Placement�Securities �is�defined�in�paragraph�1(o)�of�the�Explanatory�Statement.�
Tranche�2�Placement�Shares �is�defined�in�paragraph�1(o)�of�the�Explanatory�Statement.�
Tranche�2�Subscribers �means�the�subscribers�of�the�Tranche�2�Placement�Securities�described�in� paragraph�5.3(d)�of�the�Explanatory�Statement.�
WST �means�Western�Standard�Time�as�observed�in�Perth,�Western�Australia.�
20�
ANNEXURE�A�–�TERMS�AND�CONDITIONS�OF�PLACEMENT�OPTIONS��
The�Placement�Options�entitle�the�holder�to�subscribe�for�Shares�on�the�following�terms�and�conditions:�
-
Each�Option�shall�entitle�the�holder�the�right�to�subscribe�(in�cash)�for�one�(1)�fully�paid�ordinary� share�in�the�capital�of�the�Company�( Share )�in�accordance�with�these�terms�and�conditions.�
-
The�Options�will�expire�at� 5.00pm�WST �on� 30�November�2011 �( Expiry�Date ).��Subject�to�Clause�6� hereof,�the�Options�may�be�exercised�at�any�time�and�prior�to�the�Expiry�Date.��Options�not�so� exercised�before�the�Expiry�Date�will�automatically�lapse�on�the�Expiry�Date.�
-
Each�Share�allotted�as�a�result�of�the�exercise�of�any�Option�will,�subject�to�the�Constitution�of� the�Company,�rank�in�all�respects�pari�passu�with�the�existing�ordinary�fully�paid�shares�in�the� capital�of�the�Company�on�issue�at�the�date�of�allotment.�
-
A�registered�owner�of�an�option�( Optionholder )�will�not�be�entitled�to�attend�or�vote�at�any� meeting�of�the�members�of�the�Company�unless�they�are,�in�addition�to�being�an�Optionholder,� a�member�of�the�Company.�
-
An�application�to�quote�the�Options�on�the�ASX�will�be�submitted.�If�successful,�Options�will�be� transferable�at�any�time�prior�to�the�Expiry�Date�subject�to�the�ASX�Listing�Rules.�
-
Method�of�Exercise�of�Options:�
-
(a)� The�Company�will�provide�to�each�Optionholder�a�notice�that�is�to�be�completed�when� exercising�the�Options�( Notice�of�Exercise�of�Options ).��Options�may�be�exercised�by�the� Optionholder�completing�the�Notice�of�Exercise�of�Options�and�forwarding�the�same�to� the�Secretary�of�the�Company�to�be�received�prior�to�the�Expiry�Date.��The�Notice�of� Exercise�of�Options�must�state�the�number�of�Options�exercised�and�the�consequent� number�of�ordinary�Shares�in�the�capital�of�the�Company�to�be�allotted.�
-
(b)� The�Notice�of�Exercise�of�Options�by�an�Optionholder�must�be�accompanied�by�payment� in�full�for�the�relevant�number�of�Shares�being�subscribed,�being�an�amount�of�A$0.25� per�Share�respectively�( Exercise�Price ).�
-
(c)� Subject�to�Clause�6(a)�hereof,�the�exercise�of�less�than�all�of�an�Optionholder’s�Options� will�not�prevent�the�Optionholder�from�exercising�the�whole�or�any�part�of�the�balance� of�the�Optionholder’s�entitlement�under�the�Optionholder’s�remaining�Options.�
-
(d)� Within�10�Business�Days�from�the�date�the�Optionholder�properly�exercises�Options� held�by�the�Optionholder,�the�Company�shall�issue�and�allot�to�the�Optionholder�that� number�of�fully�paid�ordinary�shares�in�the�capital�of�the�Company�so�subscribed�for�by� the�Optionholder.�The�Company�will�also�issue�within�this�period�a�replacement�option� certificate�to�the�Optionholder�for�the�balance�of�any�unexercised�Options.�
-
(e)� The�Company�will�apply�for�quotation�of�the�Options�on�ASX.��The�Company�will�also� apply�for�quotation�on�ASX�of�all�Shares�allotted�pursuant�to�the�exercise�of�the�Options� within�10�Business�Days�after�the�date�of�allotment�of�those�securities.�
-
In�the�event�of�a�reconstruction�(including�consolidation,�sub�division,�reduction,�cancellation�or� return)�of�the�issued�capital�of�the�Company,�all�rights�of�the�Optionholder�will�be�changed�to� the�extent�necessary�to�comply�with�the�ASX�Listing�Rules�applying�to�the�reconstruction�of� capital,�at�the�time�of�the�reconstruction.�
21�
-
There�are�no�participating�rights�or�entitlements�inherent�in�the�Options�to�participate�in�any� new�issues�of�capital�which�may�be�made�or�offered�by�the�Company�to�its�Shareholders�from� time�to�time�prior�to�the�Expiry�Date�unless�and�until�the�Options�are�exercised�and�Shares�are� issued�in�accordance�with�these�terms�and�conditions.��The�Company�will�ensure�that�during�the� exercise�period,�the�record�date�for�the�purposes�of�determining�entitlements�to�any�new�such� issue,�will�be�at�least�six�(6)�Business�Days�after�such�new�issues�are�announced�(or�such�other� date�if�required�under�the�ASX�Listing�Rules)�in�order�to�afford�the�Optionholder�an�opportunity� to�exercise�the�Options�held�by�the�Optionholder.�
-
There�are�no�rights�to�change�the�Exercise�Price�or�the�number�of�underlying�ordinary�Shares�if� there�is�a�pro�rata�issue�or�bonus�issue�to�the�holders�of�ordinary�Shares.�
-
To�the�extent�that�any�of�these�terms�and�conditions�are�inconsistent�or�different�in�any�way� from�any�provision�of�the�ASX�Listing�Rules�in�respect�of�options�to�subscribe�for�ordinary�shares� in�companies�listed�on�the�ASX,�the�ASX�Listing�Rules�prevail.�
22�
ANNEXURE�B�–�TERMS�AND�CONDITIONS�OF�RMBAH�OPTIONS�
The�RMBAH�Options�entitle�the�holder�to�subscribe�for�Shares�on�the�following�terms�and�conditions.�
Terms�used�and�not�defined�in�these�terms�and�conditions�have�the�same�meanings�as�in�the�facility� agreement�between�the�Company�(as� Borrower ),�Navigator�Mining�Pty�Ltd�and�Navigator�(Bronzewing)� Pty�Ltd�(as� Guarantors ),�RMB�Australia�Holdings�Limited�(as� Financier )�and�RMB�Resources�Limited�(as� Agent )�( Facility�Agreement ).�
-
No�consideration�is�payable�for�the�issue�of�the�Options.�
-
The�exercise�price�payable�by�the�Optionholder�on�the�exercise�of�the�Options�is�the�lesser�of:�
-
(a) A$0.22�per�Share;�
-
(b) a�price�that�is�15%�above�the�market�price�at�the�date�of�the�Borrower�mandating�the� Financier�to�arrange�the�Facility;�
-
(c) a�price�that�is�15%�above�the�market�price�at�the�date�of�the�Option�issue;�and�
-
(d) a�price�that�is�15%�above�the�price�at�which�the�Equity�Contribution�is�raised;�
( Exercise�Price ).�
-
Options�that�have�not�been�exercised�in�accordance�with�these�terms�will�lapse�at�5.00pm�on� the�day�which�is�five�(5)�years�after�the�date�on�which�those�Options�have�been�issued�under�the� Facility�Agreement�( Expiry�Date ).�
-
In�relation�to�an�Option,�the�Optionholder�may�exercise�that�Option�at�any�time�before�5.00pm� (Melbourne�time)�on�the�Expiry�Date�( Exercise�Period ).�
-
The�Options�are�exercisable�by�lodging�with�the�Company�during�the�Exercise�Period:�
-
(a) a�written�notice�of�exercise�of�Options�specifying�the�number�of�Options�being�exercised� ( Notice�of�Exercise�of�Options );�
-
(b) a�cheque,�or�other�evidence�satisfactory�to�the�Company�of�payment�of�the�Exercise� Price�for�the�number�of�Options�being�exercised;�and�
-
(c) the�certificate�for�those�Options,�for�cancellation�by�the�Company.�
-
Within�10�Business�Days�of�receipt�of�an�Notice�of�Exercise�of�Options�accompanied�by�the� Exercise�Price�the�Company�will:�
-
(a) allot�the�number�of�Shares�specified�in�the�Exercise�Notice�to�the�relevant�Optionholder;�
-
(b) procure�that�the�relevant�Optionholder�is�issued�a�CHESS�holding�statement�or� issuer�sponsored�holding�statement�in�respect�of�the�allotted�Shares;�
-
(c) lodge�with�ASX�a�notice�in�accordance�with�section�708A(5)�and�(6)�of�the�Corporations� Act�in�relation�to�the�issue�of�the�Shares�or,�if�the�Company�is�unable�to�comply�with� each�of�the�obligations�required�to�issue�such�a�notice,�lodge�a�disclosure�document� complying�with�part�6D.2�of�the�Corporations�Act;�
-
(d) cancel�the�certificate�for�the�Options�being�exercised;�and�
23�
-
(e) if�applicable,�issue�a�new�certificate�for�any�unexercised�Options�to�the�relevant� Optionholder.�
-
The�Company�will�not�apply�for�official�quotation�by�ASX�of�the�Options.�
-
The�Company�must�apply�for�official�quotation�on�the�ASX�of�any�Shares�issued�on�exercise�of�an� Option,�immediately�upon,�and�in�any�event�no�later�than�two�(2)�Business�Days�after,�the� Shares�are�issued�and�allotted.��When�issued�on�exercise�of�an�Option,�any�Shares�must�be�of� the�same�class,�and�rank�equally�with,�other�Shares�on�issue�as�at�that�date.�
-
In�the�event�of�any�reconstruction�(including�consolidation,�subdivision,�reduction�or�return)�of� the�issued�capital�of�the�Company�before�the�expiry�or�exercise�of�any�Options,�the�number�of� Options�to�which�the�Optionholder�is�entitled�or�the�Exercise�Price�of�the�Options�or�both�will�be� reconstructed�(as�appropriate)�in�accordance�with�the�ASX�Listing�Rules.��For�the�avoidance�of� doubt,�the�rights�of�an�Optionholder�may�be�changed�to�the�extent�(but�only�to�the�extent)� necessary�to�comply�with�the�ASX�Listing�Rules�applying�to�a�reorganisation�of�capital�at�the�time� of�the�reorganisation.�
-
There�are�no�participating�rights�or�entitlements�inherent�in�the�Options�and�the�Optionholder� will�not�be�entitled�to�participate�in�new�issues�of�capital�offered�to�shareholders�of�the� Company�during�the�currency�of�the�Options�until�those�Options�are�exercised�and�Shares�are� allotted�and�issued�in�accordance�with�the�Facility�Agreement�and�the�terms�of�this�Option� Certificate.��However,�the�Company�will�ensure�that�for�the�purpose�of�determining� entitlements�to�any�issue�of�capital�of�that�kind,�the�Company�will�give�the�Optionholder�21� Trading�Days�notice�of�any�new�issue�of�capital�before�the�record�date�for�determining� entitlements�to�the�issue�of�capital�in�accordance�with�the�ASX�Listing�Rules.��This�will�give�the� Optionholder�the�opportunity�to�exercise�that�portion�of�the�Options�which�the�Optionholder�is� entitled�to�exercise�before�the�record�date�for�determining�entitlements�to�participate�in�any� issue�of�capital.�
-
If,�before�the�expiry�of�any�Options,�the�Company�makes�an�issue�of�Shares�to�the�holders�of� Shares�by�way�of�capitalisation�of�profits�or�reserves�( Bonus�Issue )�other�than�in�lieu�of�a� dividend�payment,�then�on�exercise�of�the�Options,�the�Optionholder�will�be�entitled�to�have� issued�to�it�(in�addition�to�the�Shares�which�the�Optionholder�is�otherwise�entitled�to�be�issued� on�exercise�of�the�Options)�additional�Shares�in�the�Company.��The�number�of�additional�Shares� is�the�number�of�Shares�which�would�have�been�issued�to�the�Optionholder�under�the�Bonus� Issue�( Bonus�Shares )�if�on�the�date�on�which�entitlements�for�the�Bonus�Issue�were�calculated,�it� had�been�registered�as�the�holder�of�the�number�of�Shares�which�it�would�have�been�registered� as�holder�of�if�immediately�before�that�date�it�had�exercised�its�Options�and�been�issued�the� specified�Shares.��The�Bonus�Shares�will�be�paid�up�by�the�Company�out�of�profits�or�reserves�(as� the�case�may�be)�in�the�same�manner�as�was�applied�in�relation�to�the�bonus�issue�and�when� issued�will�rank�pari�passu�in�all�respects�with�the�other�Shares�allotted�upon�exercise�of�the� Options.��
-
The�Optionholder�is�entitled�to�sell,�assign�or�transfer�all�or�any�part�of�the�Options�to�any� person�or�persons�provided�that�the�transferee�of�the�Options�is�a�person�to�whom�an�offer�of� Options�may�be�made�without�a�disclosure�document�in�accordance�with�Chapter�6D�of�the� Corporations�Act.�
-
An�Optionholder�will�be�sent�reports,�accounts�and�other�information�required�to�be�sent�to� Shareholders,�including�notices�of�meetings.�
-
An�Optionholder�will�have�the�right�to�attend,�but�(subject�to�the�Corporations�Act)�not�to�vote� at,�general�meetings�of�Shareholders.�
24�
ANNEXURE�C�–�TERMS�AND�CONDITIONS�OF�THE�SECOND�CASIMIR�OPTIONS��
The�Casimir�Options�entitle�the�holder�to�subscribe�for�Shares�on�the�following�terms�and�conditions:�
-
Each�Casimir�Option�shall�entitle�the�holder�the�right�to�subscribe�(in�cash)�for�one�(1)�fully�paid� ordinary�share�in�the�capital�of�the�Company�( Share )�in�accordance�with�these�terms�and� conditions.��To�obtain�the�right�given�by�each�Casimir�Option,�Casimir�must�exercise�the�Casimir� Options�in�accordance�with�the�terms�and�conditions�of�the�Casimir�Options.�
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The�Casimir�Options�will�expire�at�5.00pm�WST�on�the�date�which�is�three�(3)�years�after�the� date�they�are�first�issued�( Expiry�Date ).��Subject�to�Clause�6�hereof,�the�Casimir�Options�may�be� exercised�at�any�time�prior�to�the�Expiry�Date.��Casimir�Options�not�so�exercised�before�the� Expiry�Date�will�automatically�lapse�on�the�Expiry�Date.�
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Each�Share�allotted�as�a�result�of�the�exercise�of�any�Casimir�Option�will,�subject�to�the� Constitution�of�the�Company,�rank�in�all�respects�pari�passu�with�the�existing�ordinary�fully�paid� shares�in�the�capital�of�the�Company�on�issue�at�the�date�of�allotment.�
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Casimir�will�not�be�entitled�to�attend�or�vote�at�any�meeting�of�the�members�of�the�Company� unless�they�are,�in�addition�to�being�an�Optionholder,�a�member�of�the�Company.�
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Casimir�Options�are�not�transferable�at�any�time�prior�to�the�Expiry�Date.�
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Method�of�Exercise�of�Casimir�Options:�
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(a) The�Company�will�provide�to�Casimir�a�notice�that�is�to�be�completed�when�exercising� the�Casimir�Options�( Notice�of�Exercise�of�Casimir�Options ).��Casimir�Options�may�be� exercised�by�Casimir�completing�the�Notice�of�Exercise�of�Casimir�Options�and� forwarding�the�same�to�the�Secretary�of�the�Company�to�be�received�prior�to�the�Expiry� Date.��The�Notice�of�Exercise�of�Casimir�Options�must�state�the�number�of�Casimir� Options�exercised�and�the�consequent�number�of�ordinary�Shares�in�the�capital�of�the� Company�to�be�allotted.�
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(b) The�Notice�of�Exercise�of�Casimir�Options�by�Casimir�must�be�accompanied�by�payment� in�full�for�the�relevant�number�of�Shares�being�subscribed,�being�an�amount�of�A$0.195� per�Share�respectively�( Casimir�Exercise�Price ).�
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(c) Subject�to�Clause�6(a)�hereof,�the�exercise�of�less�than�all�of�Casimir’s�Options�will�not� prevent�Casimir�from�exercising�the�whole�or�any�part�of�the�balance�of�their� entitlement�under�the�remaining�Casimir�Options.�
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(d) Within�10�Business�Days�from�the�date�Casimir�properly�exercises�Casimir�Options,�the� Company�shall�issue�and�allot�to�Casimir�that�number�of�fully�paid�ordinary�shares�in�the� capital�of�the�Company�so�subscribed�for�by�Casimir.�
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(e) The�Company�will�not�apply�for�quotation�of�the�Casimir�Options�on�ASX.��The�Company� will�apply�for�quotation�on�ASX�of�all�Shares�allotted�pursuant�to�the�exercise�of�the� Casimir�Options�within�10�Business�Days�after�the�date�of�allotment�of�those�securities.�
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In�the�event�of�a�reconstruction�(including�consolidation,�sub�division,�reduction,�cancellation�or� return)�of�the�issued�capital�of�the�Company,�all�rights�of�the�Casimir�Options�will�be�changed�to� the�extent�necessary�to�comply�with�the�ASX�Listing�Rules�applying�to�the�reconstruction�of� capital,�at�the�time�of�the�reconstruction.�
25�
-
There�are�no�participating�rights�or�entitlements�inherent�in�the�Casimir�Options�to�participate�in� any�new�issues�of�capital�which�may�be�made�or�offered�by�the�Company�to�its�Shareholders� from�time�to�time�prior�to�the�Expiry�Date�unless�and�until�the�Casimir�Options�are�exercised�and� Shares�are�issued�in�accordance�with�these�terms�and�conditions.��The�Company�will�ensure�that� during�the�exercise�period,�the�record�date�for�the�purposes�of�determining�entitlements�to�any� new�such�issue,�will�be�at�least�six�(6)�Business�Days�after�such�new�issues�are�announced�(or� such�other�date�if�required�under�the�ASX�Listing�Rules)�in�order�to�afford�Casimir�an�opportunity� to�exercise�the�Casimir�Options.�
-
There�are�no�rights�to�change�the�Casimir�Exercise�Price�or�the�number�of�underlying�ordinary� Shares�if�there�is�a�pro�rata�issue�or�bonus�issue�to�the�holders�of�ordinary�Shares.�
-
To�the�extent�that�any�of�these�terms�and�condition�are�inconsistent�with�or�different�in�any�way� from�any�provision�of�the�ASX�Listing�Rules�in�respect�of�options�to�subscribe�for�ordinary�shares� in�companies�listed�on�the�ASX,�the�ASX�Listing�Rules�prevail.�
26�
ANNEXURE�D�–�CAPITAL�STRUCTURE�POST�PLACEMENT�OF�SECURITIES��
�NAVIGATOR�RESOURCES�LTD��
�CAPITAL�STRUCTURE��
| Shares | Options | ||||||
|---|---|---|---|---|---|---|---|
| Onissueasat24September2009 | 149,971,872 | 10,075,000 | |||||
| TobeissuedfromEGMapproval30July2009 | 4,000,000 | 2,000,000 | |||||
| CurrentTotal | 153,971,872 | 12,075,000 | |||||
| Placement–Tranche1(Resolution1) | 45,617,646 | 22,058,823 | |||||
| Placement–RobertHealy(Resolution3) | 20,588,236 | 10,294,118 | |||||
| Placement–Tranche2(Resolution4) | 29,529,412 | 15,514,706 | |||||
| RMBOptions(Resolutions2and5) | � | 21,000,000 | |||||
| CasimirOptions(Resolution6) | � | 4,786,765 | |||||
| TOTALNEWSHARESTRUCTURE | 249,707,166 | 85,729,412 |
27�
28�
NAVIGATOR RESOURCES LIMITED ABN: 82 063 366 487 PROXY FORM
Company Secretary, Navigator Resources Limited PO Box 276, WEST PERTH WA 6872 Ph: +61 8 9226 5311; Fax: +61 8 9226 5411
EXTRAORDINARY GENERAL MEETING
I/We
being a member(s) of Navigator Resources Limited and entitled to attend and vote at the Extraordinary General Meeting, hereby appoint
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(Name of proxy)
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or failing the person/body corporate so named or, if no person/body corporate is named, the Chair of the Extraordinary General Meeting, or the Chair’s nominee, to vote in accordance with the following directions, or, if no directions have been given, as the proxy sees fit, at the Extraordinary General Meeting of the Company to be held at 2.00pm (WST) on Thursday, 29 October 2009 at The Celtic Club, 48 Ord Street, West Perth, Western Australia (and at any adjournment thereof) (Meeting). If no directions are given, the Chair will vote in favour of all of the Resolutions.
Voting on Business of the Extraordinary General Meeting Please indicate your voting intentions by placing an X in the appropriate box. FOR AGAINST ABSTAIN Resolution 1 – Ratification of Prior Issue of Options to RMB Australia Holdings Ltd Resolution 2 – Ratification of Prior Issue of Options in Placement Resolution 3 – Placement of Shares and Options to Mr Robert Healy Resolution 4 – Placement of Shares and Options Resolution 5 – Issue of Options to RMB Australia Holdings Ltd Resolution 6 – Issue of Options to Casimir Capital (Asia Pacific) Pty Ltd
OR
Place an X in the box if the Chair of the Extraordinary General Meeting is appointed as your proxy, or may be appointed by default, and you do not wish to direct your proxy how to vote as your proxy in respect of Resolutions 1 to 6.
By marking this box, you acknowledge that the Chair of the Extraordinary General Meeting may exercise your proxy even if he has an interest in the outcome of Resolutions 1 to 6 and that votes cast by the Chair of the Extraordinary General Meeting for Resolutions 1 to 6 other than as proxy holder will be disregarded because of that interest. If you do not mark this box, and you have not directed your proxy how to vote, the Chair will not cast your votes on Resolutions 1 to 6 and your votes will not be counted in calculating the required majority if a poll is called on Resolutions 1 to 6.
If you mark the abstain box for a particular Resolution, you are directing your proxy not to vote on that Resolution on a show of hands or on a poll and your votes will not be counted in computing the required majority on a poll.
If two proxies are being appointed, the proportion of voting rights this proxy represents is ___ %.
Signed this day of 2009 By: Individuals and joint holders Companies (affix common seal if appropriate) Signature Director Sole Director & Signature Sole Company Secretary Director/ Signature Company Secretary
INSTRUCTIONS FOR COMPLETING ‘PROXY FORM’
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A member entitled to attend and vote at a general meeting is entitled to appoint not more than two (2) proxies to attend and vote on a poll on their behalf. The appointment of a second proxy must be done on a separate copy of the Proxy Form. If two (2) proxies are appointed, each proxy must be allocated a proportion of the member’s voting rights. If a member appoints two (2) proxies and the appointment does not specify this proportion, each proxy may exercise half (½) the votes. A duly appointed proxy need not be a member of the Company.
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Where a member’s holding is in one (1) name the holder must sign the Proxy Form. Where the holding is in more than one (1) name, all members should sign.
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Where a Proxy Form or form of appointment of corporate representative is lodged and is executed under a power of attorney, the power of attorney must be lodged in like manner as this Proxy Form.
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Corporate members should comply with the execution requirements set out on the Proxy Form or otherwise with the provisions of Section 127 of the Corporations Act. Section 127 of the Corporations Act provides that a company may execute a document without using its common seal if the document is signed by:
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two (2) directors of the company;
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a director and a company secretary of the company; or
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for a proprietary company that has a sole director who is also the sole company secretary – that director.
For the Company to rely on the assumptions set out in Section 129(5) and (6) of the Corporations Act, a document must appear to have been executed in accordance with Section 127(1) or (2). This effectively means that the status of the persons signing the document or witnessing the affixing of the seal must be set out and conform to the requirements of Section 127(1) or (2) as applicable. In particular, a person who witnesses the affixing of a common seal and who is the sole director and sole company secretary of the company must state that next to his or her signature.
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Completion of a Proxy Form will not prevent individual members from attending the Extraordinary General Meeting in person if they wish. Where a member completes and lodges a valid Proxy Form and attends the Extraordinary General Meeting in person, then the proxy’s authority to speak and vote for that member is suspended whilst the member is present at the Extraordinary General Meeting.
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To vote by proxy, please complete and sign the enclosed Proxy Form and return by:
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hand delivery to the Company’s registered office at Unit 1, 34 King’s Park Road, West Perth 6005; or
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post addressed to Navigator Resources Limited, PO Box 276, West Perth WA 6872; or
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facsimile at +61 8 9226 5411; or
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email to [email protected],
so that it is received not later than 2.00pm (WST) on Tuesday, 27 October 2009.
Proxy forms received later than this time will be invalid.