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BATHURST RESOURCES LIMITED. — Capital/Financing Update 2014
Apr 15, 2014
64563_rns_2014-04-15_d7141d14-0341-4a1a-bbe5-146b85c93c25.pdf
Capital/Financing Update
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T +64 4 499 6830 F +64 4 974 5218 E [email protected]
Level 12, 1 Willeston Street Wellington 6011, New Zealand PO Box 5963 Lambton Quay Wellington 6145, New Zealand
16 April 2014
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Listed Company Relations New Zealand Exchange Limited Level 2, NZX Centre 11 Cable Street Wellington, New Zealand
Company Announcements Platform Australian Securities Exchange 10th Floor, 20 Bond Street Sydney NSW 2000
Not for release or distribution in the United States
Bathurst raises AU$7.393 million
Bathurst Resources Limited (NZX/ASX: BRL) (“ Bathurst ” or the “ Company ”) is pleased to advise that the Company has raised AU$7.393 million (before costs) through a placement of approximately 123 million fully paid ordinary shares (“ Shares ”) to institutional and other sophisticated and professional investors at an issue price of AU$0.060/NZ$0.065 per new Share (the “ Placement ”).
Bathurst Managing Director, Hamish Bohannan, said: “The company has recently announced initiatives to preserve cash while we await our final authority to commence operations at Escarpment. The proceeds of this placement will be used for working capital for the initial development phase of the project so we can move quickly into full commercial production once international coal prices recover.”
Settlement of the Placement is currently scheduled to take place on 23[rd] April 2014 with anticipated allotment and quotation of the new Shares to occur on the NZX/ASX on 23rd April 2014.
Mr Bohannan said: “With this placement completed, the Board is considering means by which existing shareholders may be given the opportunity to also contribute additional capital to the Company as part of a small entitlement issue, at not more than a ratio of 1:10. An announcement in this regard is expected to be made soon. The Board is currently assessing the most appropriate means of doing this”.
This announcement has been prepared for publication in New Zealand and Australia and may not be released or distributed in the United States. This announcement does not constitute an offer of securities for sale in the United States or any other jurisdiction. Any securities described in this announcement may not be offered or sold in the United States absent registration under the US Securities Act of 1933 or an exemption from registration.
On behalf of Bathurst Resources Limited.
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Marshall Maine Company Secretary