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CZR RESOURCES LTD — Capital/Financing Update 2008
Sep 23, 2008
64748_rns_2008-09-23_c7acb65d-35e3-4d4d-a55a-bc263432bd89.pdf
Capital/Financing Update
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24 September 2008
Level 4/102 James Street NORTHBRIDGE WA 6003 T: +61 8 9227 7766 F: +61 8 9227 1370 E: [email protected] W: www.coziron.com
Australian Stock Exchange Exchange Plaza 2 The Esplanade PERTH WA 6000
Pro Rata Rights Issue
Coziron Resources Limited (Company) is pleased to announce that it is to undertake a nonrenounceable rights issue to raise a total of up to $2,637,610 by the issue of up to 32,970,126 shares at 8 cents per share.
Coziron shareholders holding Coziron shares at 5 pm on 3 October 2008 (Record Date) will be entitled to subscribe for ordinary fully paid shares at a ratio of one pro-rata Rights Issue share for each two Coziron shares held on Record Date. Any fractional entitlements will be rounded down to the nearest share. The rights issue is not underwritten, however a number of the substantial shareholders have indicated they will strongly support the rights issue.
The "Ex" date for the Rights Issue is 29 September 2008 and the securities will be quoted on an "ex" basis on this day.
The entitlement and acceptance forms are to be despatched on 9 October 2008 to Coziron shareholders who hold shares on the Record Date and the acceptance forms must be received by the Share Registry no later than 5pm on 23 October 2008. It is anticipated that allotment of Rights Issue shares and despatch of holding statements will take place on 31 October 2008.
For more information please see attached Indicative Time Table. All dates are indicative and may be subject to change.
The Directors see this as a way to reward Coziron shareholders with the ability to buy Coziron shares at a substantial discount to the recent average market price.
The funds raised through this rights issue will be used to provide for mining and construction of a 30,000 tons per month Iron Sands Concentrate Beneficiation Plant and for general working capital.
Yours Faithfully
Sai Kwok Miu
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Executive Director Coziron Resources Limited
Indicative Timetable for CZR Rights Issue:
| Date | Action |
|---|---|
| 29 Sept 2008 | Shares quoted on“ex”basis |
| 3 Oct 2008 at 5.00pm WST | Rights Issue Record Date |
| 9 Oct 2008 | Despatch of Entitlement and Acceptance Form |
| 10 Oct 2008 | Rights Issue opens |
| 23 Oct2008 | RightsIssue closes |
| 24 Oct 2008 | Shares quoted on a deferred basis |
| 31 Oct 2008 | Despatch date |