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DEVELOP GLOBAL LIMITED — Regulatory Filings 2015
Nov 24, 2015
64801_rns_2015-11-24_7374b194-458c-4b50-ab22-ec3d82756b20.pdf
Regulatory Filings
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25 November 2015
Dear Shareholder
Venturex Resources Limited – pro-rata non-renounceable rights issue
As announced on 24 November 2015 Venturex Resources Limited ( Venturex ) is undertaking a 2:15 pro rata non-renounceable rights issue ( Rights Issue or Offer ) of approximately 206,382,557 fully paid ordinary shares ( New Share ) to raise approximately $1,031,912. The price of New Shares under the Offer is 0.5 cents each ( Issue Price ). The Company released an offer document for the Offer ( Offer Document ) to ASX on 24 November 2015.
The Offer is partially underwritten by one of the Company’s Directors, Mr John Nitschke. Mr Nitschke has agreed to underwrite up to the first 20,000,000 Shares of any shortfall of the Offer. Mr Nitschke will not receive any fee for fulfilling this underwriting commitment.
The Company intends to apply the funds raised under the Offer as follows:
| Items of Expenditure | $ | % |
|---|---|---|
| Resource extension and exploration on the Whim Creek Project |
$760,000 | 74% |
| Re-permittingthe Sulphur Springs mine. | $150,000 | 15% |
| Additional Workingcapital | $91,912 | 8% |
| Expenses of the Offer | $30,000 | 3% |
| Total | $1,031,912 | 100% |
The Offer is being made to all shareholders of the Company ( Shareholders ) named on its register of members at 5:00pm (WST) on 30 November 2015, whose registered address is in Australia, New Zealand, Hong Kong or China.
New Shares will rank equally with all fully paid ordinary shares in the capital of the Company ( Shares ) already on issue.
Following completion of the Offer, the Company will have issued approximately 206,382,557 New Shares resulting in total Shares on issue of approximately 1,754,251,738.
Ineligible shareholders
A Shareholder who has a registered address outside Australia, New Zealand, Hong Kong and China ( Ineligible Shareholder ) will not be eligible to participate in the Offer.
You are not eligible to participate in the Offer and you will not be sent a copy of the Prospectus. This decision has been made pursuant to Listing Rule 7.7.1(a) of the ASX Listing Rules after taking into consideration the costs of complying with legal and regulatory requirements in jurisdictions outside Australia, New Zealand, Hong Kong and China compared with the small number of Ineligible Shareholders and the number and value of New Shares to which they would otherwise be entitled.
If you have any queries concerning the Rights Issue, please contact your financial adviser or Mr Trevor Hart, Venturex’s Company Secretary, on +61 8 6389 7400 or email [email protected].
Yours sincerely
TREVOR HART
Company Secretary
ABN 28 122 180 205 Tel: +61 8 6389 7400 www.venturexresources.com Fax: +61 8 9463 7836 E: [email protected]
Registered & Principal Office Level 2, 91 Havelock Street, West Perth WA 6005 PO Box 585, West Perth WA 6872