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Alkane Resources — Capital/Financing Update 2016
May 25, 2016
48579_rns_2016-05-25_4f280620-80dc-4716-8d28-e4cdac7a9270.pdf
Capital/Financing Update
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ALKANE RESOURCES LTD ABN 35 000 689 216
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
26 May 2016
Manager Announcements ASX Market Announcements ASX Limited 20 Bridge Street Sydney NSW 2000
ASX ANNOUNCEMENT RESULTS OF ENTITLEMENT OFFER
On 26 April 2016, Alkane Resources Ltd (the Company ) announced a 1 for 5 pro rata traditional non‐ renounceable entitlement offer ( Entitlement Offer ). The Entitlement Offer closed on 23 May 2016 and the Company received applications for a total of 61,940,820 new shares and additional new shares under the Entitlement Offer, raising approximately A$12.4 million. The shortfall under the Entitlement Offer was 20,707,196 shares.
The proceeds under the Entitlement Offer will be used for the following:
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acquisitions of the remaining key parcels of land within the Dubbo Zirconia Project ( DZP ) project area;
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perform DZP pilot plant run(s) to confirm front end engineering & design and other process changes and produce product samples for potential offtake customers;
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development of strategic partnerships to provide value enhancement to published project financials;
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other DZP related expenditures; and
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general working capital requirements including fees associated with the Entitlement Offer.
Allotment of the new shares and additional new shares is scheduled to take place on 30 May 2016 with holding statements being sent on 2 June 2016. Following such allotment the Company's largest shareholder, Abbotsleigh Pty Ltd, will hold 23.07% of the shares in issue.
The Company reserves the right to place the Shortfall Shares at the discretion of the Board within three months of the close of the Entitlement Offer in accordance with ASX Listing Rule 7.2 (exception 3). The Shortfall Shares will be offered at the same Offer Price as offered under the Entitlement Offer.
Yours faithfully,
for ALKANE RESOURCES LTD
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Karen E V Brown Company Secretary
Ground Floor, 89 Burswood Road, Burswood WA 6100, AUSTRALIA (PO Box 4384, Victoria Park WA 6979, AUSTRALIA) Telephone: +61 8 9227 5677 Facsimile: +61 8 9227 8178 www.alkane.com.au [email protected]