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CORAZON MINING LIMITED — Capital/Financing Update 2010
Jan 26, 2010
64747_rns_2010-01-26_399bc22a-6981-4768-9c41-66b8a86d4059.pdf
Capital/Financing Update
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27 January 2010
ASX Release
Announcement of Non-Renounceable Rights Issue of Options
The board of directors of Graynic Metals Limited ( Company ) is pleased to announce that the Company will undertake a pro-rata non-renounceable rights issue of up to approximately 27,742,708 options to acquire fully paid ordinary shares in the Company ( Options ) at an issue price of $0.005 each, on the basis of one (1) new Option for every two (2) shares held on the record date, to raise approximately $138,714 ( Rights Issue ).
The record date for determining the entitlement of shareholders to participate in the Rights Issue is 5.00pm (WST) on 5 February 2010 ( Record Date ). The Rights Issue will open on 9 February 2010 and the closing date for receipt of acceptances under the Rights Issue will be 5.00pm (WST) on 26 February 2010 (unless extended).
In conjunction with the Rights Issue, the Company will, subject to shareholder approval at an upcoming general meeting, undertake a placement of up to 20,000,000 Options at $0.005 each to sophisticated and institutional investors ( Placement ). The Options to be issued under the Placement will be equivalent in all respects with those offered to shareholders under the Rights Issue.
The Company will apply for official quotation of the Options issued under the Rights Issue and the Placement on ASX.
The Company will lodge a prospectus for the Rights Issue with the ASIC on 27 January 2010 ( Prospectus ). The Prospectus will be mailed to each shareholder registered in the share register on the Record Date. Each shareholder’s entitlement to participate in the Rights Issue will be set out in the Entitlement and Acceptance Form that will accompany the Prospectus.
The Rights Issue is intended to proceed in accordance with the following timetable:
| Lodgement of Prospectus with the ASIC | 27 January 2010 |
|---|---|
| Announcement of Rights Issue and lodgement of Appendix 3B | 27 January 2010 |
| Notice sent to shareholders | 29 January 2010 |
| Ex date | 1 February 2010 |
| Record Date for determining shareholder entitlements | 5 February 2010 |
| Prospectus despatched to shareholders and opening date of Rights Issue | 9 February 2010 |
| Closing date of Rights Issue | 26 February 2010 |
| Securities quoted on a deferred settlement basis | 1 March 2010 |
| Notify ASX of under-subscriptions | 3 March 2010 |
| Despatch of holding statements and Options entered into shareholders’ security holdings |
9 March 2010 |
Level 1 PO Box 935 350 Hay Street West Perth WA 6872 Subiaco 6008 T: +61 8 6364 0518 Perth, Western Australia F: + 61 8 6210 1872 [email protected] www.graynicmetals.com.au
- These dates are determined based upon the current expectations of the Directors. The Directors may extend the Closing Date by giving six Business Days’ notice to ASX. Such an extension would have a consequential effect on subsequent dates.
The Company has engaged Indian Ocean Capital to act as lead manager in relation to the Rights Issue and the Placement.
Should you have any queries in relation to the Rights Issue, please do not hesitate to contact the Company on (08) 6364 0518.
Yours faithfully
Adrian Byass Managing Director Graynic Metals Limited
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