AI assistant
CRITICAL RESOURCES LIMITED — Capital/Financing Update 2013
Feb 5, 2013
64708_rns_2013-02-05_0b13ff21-f679-49b9-a0d1-ea98e0752bd3.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
ASX Release 6[th] February 2013
==> picture [44 x 43] intentionally omitted <==
Sovereign Gold Company Limited ACN 145 184 667
Level 2, 131 Macquarie Street Sydney NSW 2000 Tel: +61 2 9251 7177 Fax: +61 2 9251 7500
Contact Michael Leu CEO
email: [email protected]
Latest News www.sovereigngold.com.au
Company Announcement Office Australian Securities Exchange Limited
Sovereign achieves corporate funding target
Funding Background
Sovereign Gold Company (Sovereign Gold) (ASX: SOC) and Jiangsu Geology and Engineering Co. Ltd. (SUGEC) have entered into cooperation agreements with respect to seven tenements prospective for gold in the Rocky River-Uralla Goldfield.
SUGEC is funding up to $21 million on Sovereign Gold projects[1] .
Sovereign Gold – SUGEC ’s project area covers 2,040 square kilometres.
Directors / Officers John Dawkins AO Michael Leu Peter Meers Jacob Rebek
ASX Symbol: SOC
Sovereign Gold Company is exploring for large Intrusion-Related Gold Systems in New South Wales.
Sovereign Gold’s project area covers over 2,650 square kilometres.
The principal project is located around the township of Uralla, 21km southwest of Armidale, New South Wales, Australia, with superb infrastructure logistics. It is close to major roads, rail, airport, labour source, university, power, and engineering.
Available production records indicate that the Rocky River-Uralla Goldfield yielded 5,193 kg (approximately 167,000 ounces) of gold mostly from Tertiary deep leads during the period 1858-1967.
Sovereign Gold’s exploration objective is to locate the hard rock sources.
SUGEC will be entitled to a 30% interest in each respective tenement upon meeting the associated expenditure commitment for that tenement.
Sovereign Gold’s exploration program for 2013 is fully funded and Sovereign Gold requires only modest funding at the corporate level for working capital.
Corporate Capital Raising
Sovereign Gold advises that it has completed a placement of 2.5 million fully paid ordinary shares at 20 cents per share to sophisticated, eligible and/or professional investors, as defined under Section 708 of the Corporations Act, raising $500,000 before costs.
Settlement is expected on or before 11 February 2013.
Following settlement there will be 141,663,842 shares on issue.
The placement falls within the “15%” limit under ASX Listing Rule 7.1 and shareholder approval is therefore not required for the share placement.
Sovereign Gold will release updated top twenty shareholders as soon as practicable.
Precious Metal Resources Ltd (ASX: PMR)
Sovereign Gold holds an 81.26% interest in PMR.
PMR is conducting exploration at Halls Peak, NSW, which is the inferred volcanic centre for extensive small but high grade Volcanic Massive Sulphide (VMS) deposits rich in copper, lead, zinc and silver, with variable but largely untested gold values.
For further information please contact: Henry Kinstlinger Investor Relations
Telephone: +61 2 9251 7177
Additionally, PMR has identified a potential large SEDEX deposit under the Halls Peak project area.
1 Includes $10 million funding into Precious Metal Resources Limited (PMR). Sovereign Gold owns 81.2% of PMR.