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EMETALS LIMITED — Capital/Financing Update 2012
Jul 29, 2012
64850_rns_2012-07-29_e90a3ce8-aa0a-4d9f-b289-75f99b9b292b.pdf
Capital/Financing Update
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ASX announcement
WEST PEAK IRON LTD
PLACEMENT AND ENTITLEMENT ISSUE
Key Points:
29 June 2012
ACN: 142 411 390
T: 08 6460 4960
F: 08 9324 3045
E: [email protected] Suite 9, 1200 Hay Street
West Perth WA 6005
PO Box 281
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Placement to raise $205,000 via the issue of 4,105,464 shares at
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$0.05 to sophisticated investors
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A planned 1 for I entitlement issue to follow on same terms to all
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shareholders, being the issue of up to 32,250,000 shares at $0.05 to raise up to $1,612,500, leaving up to 64,500,000 shares on issue post capital raising
The Board of West Peak Iron Ltd (“West Peak” or the “Company”) is pleased to announce a capital raising strategy to raise up to $1,817,500 before costs through a placement and entitlement issue, with the aim of leaving the Company in a strengthened financial position.
West Perth WA 6872
Directors & Management
Graham Marshall: Non-Executive Chairman
Mathew Walker: Executive Director
John Royle: Non-Executive Director
Shane Tomlinson: Exploration Manager
David Parker: Joint Company Secretary
Sonu Cheema: Joint Company Secretary
Issued Capital
West Peak has committed to completing a placement of 4,105,464 shares at $0.05 to raise approximately $205,000 pre costs, through the Companies 15% capacity through ASX Listing Rule 7.1. The shares under the placement are expected to be issued and allotted on Monday 30 July 2012, with an Appendix 3B to be lodged with the ASX shortly.
West Peak also plans to lodge a non-renounceable Entitlement Issue to all shareholders on the same terms of the placement, i.e. $0.05, with the terms being a one share for every one share held. Based on a full subscription, West Peak would issue up to 32,250,000 shares at $0.05 to raise up to $1,612,500 pre costs with 64,500,000 shares on issue post full subscription of the proposed capital raising. An Entitlement Issue Disclosure Document is expected to be lodged shortly which will include the proposed timeline for shareholders.
The structure of the Entitlement Issue is intended to provide all shareholders an equal opportunity to participate in the Offer at the discounted price.
The funds raised from the placement will be used for continued activities in WA and Liberia and for general working capital.
The Company requests that the suspension be lifted and that the trading of West Peak securities be recommenced.
28,144,536 ordinary shares
13,105,465 unlisted options exercisable at 20 cents each on or before 30 June 2013
500,000 unlisted options exercisable at 30 cents each on or before 30 June 2013
For further information contact: David Parker; Company Secretary, West Peak Iron Ltd. Telephone: +61 8 6460 4960 Email: [email protected]
ASX Code: WPI