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COMPLII FINTECH SOLUTIONS LTD — Capital/Financing Update 2007
Aug 7, 2007
64639_rns_2007-08-07_fefdd220-d55b-4184-acfa-f9cbf97beea0.pdf
Capital/Financing Update
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8 August 2007 RETA0C0\ASX\065
ASX Limited Company Announcements Office Level 6 20 Bridge Road SYDNEY NSW 2000
Retail Star Reorganisation
Retail Star Limited is pleased to announce a reorganisation that will enable it to put in place strategic initiatives to enable the Company to realise growth.
One of the drivers will be the new opportunity presented from the acquisition of Orion Exploration Pty Ltd from Red Rock Resources Plc, together with uranium exploration rights.
The consideration for the acquisition of Orion Exploration Pty Ltd is $1.5 million in cash. This cash consideration has been funded through Red Rock Resources Plc subscribing for 80 million Shares, 20 million Unlisted June 2008 Options and 20 million Class A Performance Shares.
Settlement of the above acquisition of Orion Exploration Pty Ltd and the exchange of cash and securities was successfully completed at 12.00pm on 6[th] August 2007.
A further 30 million Class B Performance Shares and 30 million Class C Performance Shares has also been issued to Red Rock Resources Plc in consideration of certain exploration rights in Malawi Southern Africa being transferred to Retail Star Limited.
The Company is pleased to advise that one of these Malawi tenements has now been granted to Red Rock Resources Plc and will be transferred to Orion Exploration Pty Ltd (now a wholly owned subsidiary of the Company) in due course.
The nature of the Company’s existing business will not change as a result of the acquisition of Orion Exploration Pty Ltd. However, to assist Retail Star Limited in achieving the business objectives to operate and run Orion Exploration Pty Ltd the Company has appointed Mr Andrew Bell and Mr Manoli Yannaghas to join the Board of Directors together with Mr Ian Scott (Managing Director), effective 6[th] August 2007.
Mr Anthony Crimmins will stand down from the Board, effective immediately and the Company would like to thank Mr Crimmins for his positive contributions to the Company during his appointment.
Another initiative undertaken by the Company has been a successful capital raising, placing 37,500,000 Ordinary Shares raising $562,500 less the costs of issue to a number of professional and institutional investors. Part of the funds raised from this issue will be applied towards the budgeted expenditure on Retail Star Limited’s existing business and the exploration program on Orion’s assets
RETAIL STAR LIMITED
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RETA0C0\ASX\065
The reorganisation outlined in this announcement was subject to all necessary approvals, including shareholder approval at the General Meeting on 6[th] August 2007, whereby all Resolutions were successfully passed.
Yours faithfully
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Ross Kestel Director