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EMMERSON RESOURCES LIMITED — Capital/Financing Update 2014
Feb 23, 2014
64876_rns_2014-02-23_e172a7d1-ec2f-47ae-ae06-42755e302021.pdf
Capital/Financing Update
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ASX Announcement ASX: ERM
ABN: 53 117 086 745
24 February 2014
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Non-Renounceable Entitlement Issue
Emmerson Resources Limited ( Company ) is pleased to announce a pro rata non-renounceable entitlement issue on the basis of one (1) Share for every four (4) Shares at an issue price of $0.025 per Share to raise up to $1,638,150 ( Offer or Entitlement Issue ).
The Entitlement Issue comprises an offer of fully paid ordinary shares in the capital of the Company ( Shares ) to eligible existing shareholders of the Company on the record date of 5 March 2014. Following completion of the Offer, the Company will have issued approximately 65,525,991 new Shares resulting in total Shares on issue of 327,629,954.
The Offer is partially underwritten up to an amount of $1,000,000, subject to certain terms and conditions, by Old Blood and Guts Pty Ltd (an entity controlled by director, Tim Kestell).
The Company proposes to use the proceeds of the Offer to fund the continued exploration of the Tennant Creek Mineral Field, expenses of the Offer and to provide additional working capital.
The proposed timetable for the Entitlement Issue is as follows:
| The proposed timetable for the Entitlement Issue is as follows: | |
|---|---|
| Lodgement of Prospectus with the ASIC | Monday,24 February2014 |
| Lodgement of Prospectus & Appendix 3B with ASX | Monday,24 February2014 |
| Notice sent to Shareholders | Wednesday,26 February2014 |
| Ex date | Thursday,27 February2014 |
| Record Date for determiningEntitlements | Wednesday,5 March 2014 |
| Prospectus despatched to Shareholders | Wednesday,12 March 2014 |
| ClosingDate* | Wednesday,26 March 2014 |
| Sharesquoted on a deferred settlement basis | Thursday,27 March 2014 |
| ASX notified of under subscriptions | Monday,31 March 2014 |
| Issue of Shares and Despatch of holdingstatements | Thursday,3 April 2014 |
| Quotation of Shares issued under the Offer* | Friday,4 April 2014 |
- The Directors may extend the Closing Date by giving at least 6 Business Days’ notice to ASX prior to the Closing Date. As such the date the Shares are expected to commence trading on ASX may vary.
A prospectus relating to the Entitlement Issue will be lodged with the ASX and ASIC today and will be sent to shareholders together with a personalised Entitlement and Acceptance Form.
For and on behalf of Emmerson Resources Limited
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Andrew McIlwain Non-Executive Chairman
Emmerson Resources Limited 3 Kimberley Street, West Leederville, Western Australia, 6007 PO Box 1573, West Perth, Western Australia, 6872 Telephone: (+61 8) 9381 7838 Facsimile: (+61 8) 9381 5375 Email: [email protected] Website: www.emmersonresources.com.au