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CZR RESOURCES LTD — Capital/Financing Update 2011
Feb 23, 2011
64748_rns_2011-02-23_6d69bcb9-fc3d-435c-b153-b3fe75d8c653.pdf
Capital/Financing Update
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Level 24, 44 St George’s Terrace Perth Western Australia 6000
PO Box Z5183 Perth WA 6831 Phone: +61 8 6211 5099 Facsimile: +61 8 9218 8875 Website: www.coziron.com
EXPENDITURE BUDGET
The Company provides the following update in relation to the use of funds raised under the prospectus dated 31 January 2011. The raising closed on 10 February 2011 having reached the maximum subscription amount of $2,500,000.
| Use of Funds – Expenditure Budget | Year 1 | Year 2 | Total |
|---|---|---|---|
| Review and evaluate the existing project | $300,000 | $350,000 | $650,000 |
| Exploration, feasibility study and preliminarydevelopment expenditure | - | $500,000 | $500,000 |
| Review and evaluation of new projects andopportunities | $200,000 | $200,000 | $400,000 |
| Expenses associated with the Offer | $340,000 | - | $340,000 |
| General working capital | $360,000 | $250,000 | $610,000 |
| Total Funds Utilised | $1,200,000 | $1,300,000 | $2,500,000 |
On completion of the Offer the Directors believe the Company will have adequate working capital to meet its stated objectives.
The review and evaluation of the Company’s Agam Iron Sands Project is yet to be conducted. The Directors allocation of the funds to be raised by the Prospectus set out above may change based on the outcome of that review.