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DEVELOP GLOBAL LIMITED — Regulatory Filings 2017
Jul 17, 2017
64801_rns_2017-07-17_06ede909-abdb-4be3-8e73-27cff3465614.pdf
Regulatory Filings
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18 July 2017
Dear Shareholder
VENTUREX RESOURCES LIMITED – PRO-RATA NON-RENOUNCEABLE RIGHTS ISSUE
As announced on 17 July 2017 Venturex Resources Limited ( Venturex ) is undertaking a 2:7 pro rata nonrenounceable entitlement issue ( Entitlement Issue or Offer ) of approximately 750,269,425 fully paid ordinary shares ( New Share ) to raise approximately $3,751,347. The price of New Shares under the Offer is 0.5 cents per share ( Issue Price ). The Company released an offer document for the Offer ( Offer Document ) to ASX on or around 17 July 2017.
The Offer will be sole managed and underwritten by Euroz Securities Limited ( Euroz ) to an amount of approximately $3,126,200. Northern Star Resources Limited ( Northern Star ) and Precision Opportunities Funds Limited ( Precision ), both shareholders in the Company, have agreed to sub-underwrite the shortfall of the Offer and take up their entitlements, up to $2,000,000 with respect to Northern Star and up to $1,000,000 with respect to Precision. A director of the Company, Mr Darren Stralow, has also agreed to sub-underwrite up to 10,000,000 Shares of any shortfall of the Offer.
The Company intends to apply the funds raised under the Offer as follows:
| Items of Expenditure | $ | % |
|---|---|---|
| Infill Drilling of high grade supergene copper Resources at Sulphur Springs Including Metallurgical Test-work |
$1,600,000 | 43% |
| Permitting of the optimised Sulphur Springs Copper-Zinc Project | $400,000 | 11% |
| Regional Exploration | $600,000 | 16% |
| Drilling other targets | $250,000 | 7% |
| Working capital | $765,404 | 20% |
| Expenses of the Offer | $135,943 | 4% |
| Total | $3,751,347 | 100% |
The Offer is being made to all shareholders of the Company ( Shareholders ) named on its register of members at 5:00pm (WST) on 20 July 2017, 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 750,269,425 New Shares resulting in total Shares on issue of approximately 3,376,212,411.
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 Offer. 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