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ENCOUNTER RESOURCES LIMITED — Capital/Financing Update 2018
May 23, 2018
64856_rns_2018-05-23_bfb8e3bf-8cac-4932-947c-a032eab56773.pdf
Capital/Financing Update
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24 May 2018
Level 7, 600 Murray Street West Perth WA 6005 PO Box 273 West Perth WA 6872 P 08 9486 9455 F 08 6210 1578 www.enrl.com.au
ASX : ENR
Company Announcements Office Australian Securities Exchange 4th Floor, 20 Bridge Street Sydney NSW 2000
Strongly Supported Share Placement Raises $2.75m
Encounter Resources Limited (“Encounter” or “the Company”) is pleased to announce that firm placement commitments have been received from professional and sophisticated investors to raise approximately A$2.75 million before costs .
The share placement was strongly supported by existing and new institutional and high net worth investors and directors, providing endorsement of the Company’s project portfolio and exploration approach.
The placement of approximately 46,000,000 ordinary fully paid shares at A$0.06 (approximately A$2,750,000) will be completed pursuant to the Company’s 15% placement capacity under ASX Listing Rule 7.1 (approximately 22.8 million shares) and additional 10% placement capacity under Listing Rule 7.1A (approximately 19.2 million shares), with the balance of approximately 4 million shares to be issued subject to shareholder approval.
The Company will seek approval at a general meeting of shareholders to allow director and related parties to participate in the placement in the amount of A$240,000. The date of the proposed shareholder meeting will be advised in due course.
The funds raised will be primarily used to advance the East Thomson’s Dome & Telfer West Gold Projects, the Yeneena Copper/Cobalt Projects in the Paterson Province, the Nazare gold project in the Laverton Tectonic Zone and to provide working capital.
Encounter shareholders also have significant exposure to multiple, well funded, exploration programs via five joint ventures with Newcrest Mining Limited (ASX:NCM) in the Tanami and West Arunta regions of WA, one of the most highly sought-after gold exploration districts in Australia.
For further information, please contact: Will Robinson Michael Vaughan Managing Director Fivemark Partners +61 8 9486 9455 +61 422 602 720 [email protected] [email protected]