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AURAVELLE METALS LIMITED — Capital/Financing Update 2014
Jun 2, 2014
64463_rns_2014-06-02_89204475-cfc6-4944-90fe-43e0e42d2bc1.pdf
Capital/Financing Update
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Sipa Resources Limited ABN 26 009 448 980
3 June 2014
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A FURTHER $2.04M PLACEMENT UNDER SHORTFALL FACILITY Acorn Capital enters the Register as Substantial Shareholder
Sipa Resources Limited ( Sipa or Company ) is pleased to announce the placement of 58,267,668 Shortfall Shares and 58,267,668 Options, each with an exercise price of $0.075 and expiry date of 5 November 2015, resulting from the recent Entitlement Issue to raise a further $2,039,368. This takes the total funds raised through the Entitlement Issue and Shortfall to $3,784,910, before Directors participation in the Shortfall which is subject to shareholder approval. That approval will provide an additional $200,881, bringing the total fundraising to $3,985,791.
A general meeting of shareholders is scheduled for 10:00am Thursday, 5 June 2014, to obtain shareholder approval for the allotment of additional shortfall to Directors Michael Doepel, Karen Field and David Williams, who have committed, subject to receipt of Shareholder approval, either personally or their nominees, to apply for a total of 3,989,458 new shares and 3,989,458 options under the shortfall facility. If approved the total funds raised with the Entitlement Issue and Shortfall will increase to $3,985,791.
Included in the Placement of the Shortfall is Acorn Capital, a specialist investment manager in microcap companies traded on the Australian Securities Exchange ('ASX'), with a reputation for indepth research. Following the placement, Acorn is now a substantial shareholder in the Company taking up 38,285,716 shares and 38,285,716 options to hold 6.5% of the expanded issued capital of the Company.
Sipa’s Managing Director, Mike Doepel, said “We welcome Acorn to the register and are pleased with the confidence they have shown in the Company’s portfolio of assets, in particular as we commence two very busy drilling programmes.”
As noted in the Entitlement Issue prospectus, the Directors reserve the right to place the remaining Shortfall at their discretion within three months of the closing date.
Blue Ocean Equities acted as manager in relation to the Shortfall Offer. The Company will issue 7,000,000 Options to Blue Ocean Equities for provision of services which include management of the Shortfall Offer and general corporate advice. The Options will be issued on the same terms and conditions as the Options offered under the Entitlement Offer and Shortfall, each with an exercise price of $0.075 and expiry date of 5 November 2015.
The Board will meet later this week to consider the proposed drilling programmes in the context of the total funds raised and will update the market at that time.
The Company wishes to acknowledge the continued support shown by shareholders in both the Entitlement Issue and the subsequent Shortfall.
The new shares and options applied for under the Shortfall will be allotted and issued no later than 4 June 2014.
For more information: Mike Doepel, Managing Director +61 (0) 8 9481 6259 [email protected] www.sipa.com.au
REGISTERED OFFICE: Ground Floor, 6 Thelma Street, West Perth WA 6005 • POSTAL ADDRESS: PO Box 1183 West Perth WA 6872 TELEPHONE: (08) 9481 6259 • FAX: (08) 9322 3047 • E-MAIL: [email protected]