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DEVELOP GLOBAL LIMITED — Capital/Financing Update 2011
Feb 15, 2011
64801_rns_2011-02-15_edb88995-e01d-4522-9ad4-98179e8eecc7.pdf
Capital/Financing Update
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NOTIFICATION OF SUBSCRIPTIONS OF RETAIL ENTITLEMENT ISSUE
The Board of Directors of Venturex Resources Limited (Venturex) is pleased to advise that it has received 63% acceptances from its Retail Shareholders in response to the Retail component of the two for five non-renounceable Entitlement Issue which closed on 14 February 2011.
| Maximum number of shares available under the Retail component of the Entitlement Issue |
115,175,378 | $10,365,784 |
|---|---|---|
| Number of shares taken up by Retail Shareholders |
72,797,801 | $ 6,551,802 |
| Number of shares not taken up by Retail Shareholders (Shortfall Shares) |
42,377,577 | $ 3,813,982 |
ASX Announcement ASX Code: VXR Released: 16 February 2011
For further details Dr Tim Sugden Managing Director T: +61 8 6389 7400 M: +61 407 085 032 [email protected]
Board
The Company has received $6.55 million under the Retail component of the Entitlement Issue.
The Company expects that the new shares will be allotted on 22 February 2011, and holding statements despatched to Shareholders on 23 February 2011.
As the Entitlement Issue is fully underwritten by Argonaut Capital Limited, the remaining Shortfall Shares will be issued at the direction of the Underwriter on 25 February 2011.
The placement of Shortfall Shares will be the final component of the Company’s $36.8 million[1] equity raising announced on 21 January 2011 to fund the acquisition of the Panorama Project from CBH Resources Limited, expedite a definitive feasibility study of the Panorama and Whim Creek projects, and to provide additional working capital.
The Company is currently finalising the acquisition of CBH Sulphur Springs Pty Ltd and is expected to settle prior to 1 March 2011.
TIM SUGDEN Managing Director
For further information, please contact:
Tim Sugden / Liza Carpene – Venturex Resources Limited on (08) 6389 7400 Nicholas Read / Paul Armstrong – Read Corporate on (08) 9388 1474
Tony Kiernan Chairman
Tim Sugden Managing Director
Michael Mulroney Non-Executive Director
Allan Trench Non-Executive Director
Anthony Reilly Executive Director
Liza Carpene Company Secretary
Contact Details
Registered Office Suite 3, Level 1 127 Cambridge Street West Leederville WA 6007
T: +61 8 6389 7400 F: +61 8 9463 7836 [email protected] www.venturexresources.com
1 Refer equity raising table detailed in Appendix 1
ABN: 28 122 180 205
Appendix 1
| ppendix 1 | ppendix 1 | ppendix 1 | ppendix 1 |
|---|---|---|---|
| VENTUREX RESOURCES LIMITED - EQUITY RAISING | |||
| Details | No of Shares | $ Value | Trade Date |
| Placement to Institutional & Sophisticated Investors | 98,275,311 | 8,844,777.99 | 1/2/11 |
| Accelerated Rights Issue | 195,465,401 | 17,591,886.09 | 9/2/11 |
| Retail Rights Issue Subscription | 72,797,801 | 6,551,802.09 | 23/2/11 |
| Shortfall Shares (to be issued at Underwriters instruction) | 42,377,577 | 3,813,981.93 | 28/2/11 |
| 408,916,090 | $36,802,448.10 |
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