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CARNAVALE RESOURCES LIMITED — Capital/Financing Update 2010
Jan 11, 2010
64607_rns_2010-01-11_db257fb3-fa7b-41fb-80fb-183029b996a7.pdf
Capital/Financing Update
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12 January 2010
The Manager ASX Ltd Level 4, 20 Bridge Street Sydney, NSW 2000
Dear Sir
PLACEMENT AND UPCOMING RIGHTS ISSUE
Carnavale Resources Limited ( ASX: CAV ) is pleased to announce that it has resolved to raise $1.92 million through a private placement of shares to overseas institutions and sophisticated investors. Carnavale proposes to issue 9.6 million shares at an issue price of 20 cents per share.
For arranging the placement Carnavale will pay a 7% fee and it is anticipated the placement will be finalised by 18 January 2010. The placement is not subject to shareholder approval and will fall within the Company’s 15% placement capacity under ASX Listing Rule 7.1.
The Company also advises it intends to conduct a pro-rata non-renounceable entitlement issue of options to raise approximately $368,000 before costs.
The Directors have resolved to offer all shareholders a non-renounceable offer to purchase one option for every share held. The options will be offered at a price of 0.5 cents each and will have an exercise price of 20 cents each, with an expiry date of 28 February 2013.
Key dates in relation to the proposed offer are noted below.
| Lodgement of Prospectus | Friday 29/01/10 |
|---|---|
| Shares commence trading ex Entitlement basis | Tuesday 02/02/10 |
| Record Date for determining Entitlements | Monday 08/02/10 |
| Prospectus despatch date and Opening Date | Thursday 11/02/10 |
| Closing Date of the Offer | Friday 26/02/10 |
| Issue of Options & despatch of holding statements | Monday 08/03/10 |
The Company reserves the right to amend this timetable including, subject to the Corporations Act 2001 and the ASX Listing Rules, to extend the closing date.
CARNAVALE RESOURCES LIMITED
ABN 49 119 450 243 30 Ledgar Road, Balcatta Western Australia 6021 T: +61 8 9240 6876 F: +61 8 9240 2406 E: admin @carnavaleresources.com W: www.carnavaleresources.com
The monies raised will be used to identify, evaluate and acquire advanced mineral projects and / or oil and gas opportunities.
The capital structure of the Company assuming the successful completion of the Placement and the nonrenounceable entitlement issue of options will be:
Quoted Securities:
73,664,116 ordinary fully paid shares (ASX: CAV)
73,664,116 Listed options at an exercise price of 20 cents expiring 28/02/2013 (ASX: CAVOA)
The Company will have approximately 10.5 million cash at bank assuming the successful completion of the Placement and the non-renounceable entitlement issue of options.
Yours faithfully
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Paul Jurman Company Secretary
For further information in respect of Carnavale please contact:
| Ron Gajewski | Paul Jurman |
|---|---|
| Director | Company Secretary |
| Tel:+61 8 9240 6876 | Tel:+61 89240 6876 |
| Email: [email protected] | Email: [email protected] |
| Carnavale Resources website:www.carnavaleresources.com.au |