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FIRSTWAVE CLOUD TECHNOLOGY LIMITED — Capital/Financing Update 2013
Aug 11, 2013
64905_rns_2013-08-11_deec9e8f-5a37-4463-be10-e8043c482a77.pdf
Capital/Financing Update
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ASX ANNOUNCEMENT - 12 August 2013
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ASX RELEASE
Tellus Resources Ltd is an Australian-based mineral exploration company. Tellus holds the Chillagoe Gold Project which includes Exploration Permits covering a combined area of ~28,878 hectares plus Mining Leases covering a combined area of approx. 480 hectares, including the Wandoo & Empire prospects.
In addition Tellus has a large tenement package in regional New South Wales prospective for Intrusive Related Gold Deposits (IRG).
SUCCESSFUL CAPITAL RAISING
Tellus Resources Ltd (the “Company” or “TLU”) is pleased to announce that it has successfully raised approximately A$2.4 million in a placement to sophisticated investors.
This placement satisfies one of the outstanding conditions precedent to the acquisition by the Company of 100% of PNC AUST Pty Ltd (“PNC”), as previously announced to the market and approved by the shareholders of the Company at the recent Extraordinary General Meeting. The relevant condition precedent required the Company to raise a minimum of $2M at 10 cents per share.
The Company anticipates that the placement will be completed on Tuesday 20 August 2013.
The completion of the placement allows the Company to move towards finalising the acquisition of 100% of PNC AUST Pty Ltd.
A key part of the Company's strategy is to actively pursue the acquisition of, and/or participation in additional advanced resource projects.
Directors/Officers:
Anthony Wehby Stephen Woodham Richard Willson Ben Salmon Anne Adaley
Issued Shares and Options:
44,380,555 shares 11,000,000 unlisted options
Indicative timetable / Milestones
| Re-quotation of shares on ASX | 12 August 2013 |
|---|---|
| Placement settlement | 20 August 2013 |
| Completion of PNC acquisition | No later than 23 August 2013 |
| Spud Pirie 1 | September 2013 |
The Managing Director, Mr Stephen Woodham commented, "We are very pleased with the success of the capital raising given the difficult market conditions for junior exploration companies. It is testimony to the strength of the PNC oil and gas assets that we were able to achieve this result."
The Company looks forward to finalising the acquisition of PNC, and once acquired, commencing drilling the Pirie 1 well, located in PEL 105 of the Cooper Basin, South Australia, in the near future.
Tellus Resources Ltd
ASX Code: TLU
T: +61 2 9231 6231 F: +61 2 9231 6687
Website: www.tellusresources.com.au
TELLUS RESOURCES LTD - ASX Announcement
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ASX ANNOUNCEMENT - 12 August 2013
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For further information on this announcement or Tellus Resources please contact:
Stephen Woodham Managing Director T: 0417 293 449
Anne Adaley Company Secretary & Chief Financial Officer T: 02 9231 6231 E: [email protected]
About Tellus
Tellus Resources Ltd is an ASX-listed mineral exploration company focused on generating value for its shareholders by identifying and acquiring properties and projects that have significant discovery and development potential.
Tellus has acquired a large tenement package in northern Queensland and regional New South Wales prospective for Intrusive Related Gold Deposits (IRG). The strategic objectives of the Company are to enhance Shareholder wealth through implementing exploration programs on its existing projects. Tellus has continued to evaluate additional exploration and value-accretive opportunities within Australia and internationally leading them to the proposed acquisition of PNC AUST Pty Ltd.
TELLUS RESOURCES LTD - ASX Announcement
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