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GRATIFII LIMITED — Capital/Financing Update 2016
Aug 18, 2016
65023_rns_2016-08-18_f30371c5-3daa-48f4-b227-a3205f5e908e.pdf
Capital/Financing Update
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ASX ANNOUNCEMENT
19 AUGUST 2016
PRIVATE PLACEMENT
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COMPANY SNAPSHOT
ASX: WGO
Waratah Resources Limited (ASX:WGO) (Company) is pleased to announce that it has received applications and firm commitments via private placement to sophisticated investors to raise $568,000 at $0.007 per share (“Placement”).
The Placement comprises 81,142,857 fully paid ordinary shares at an issue price of $0.007 per share on a pre‐consolidation basis. 79,486,700 ordinary shares will be issued within the Company’s 15% capacity and 1,656,157 ordinary shares will be issued in accordance with the Company’s placement capacity under ASX Listing Rule 7.1A. We confirm that $0.007 is within the 25% discount allowed under ASX Listing Rule 7.1A.3.
The Company will also seek shareholder approval at the next general meeting of shareholders for Directors, Sir Warwick Andrew and Mr Neil Herbert to particpate on the same terms of the Placement to raise an additional $104,000 through the issue of 14,857,142 new shares at $0.007 per share on a pre‐consolidation basis (“Director’s Placement”).
Assuming shareholders approve the Director’s Placement, the combined funds raised totalling $672,000 will be applied toward general working capital and to continue to progress the Company’s change in activities plan from mining to technology. All shares issued under the Placement and the Director’s Placement will be subject to holding locks with the share registry as required by ASX.
CAPITAL STRUCTURE
Ordinary shares on issue: 566M
BOARD & MANAGEMENT
Sir Warwick Andrew Non‐Executive Chairman Mandeep Bhandari Non‐Executive Director
Neil Herbert Interim CEO and Managing Director
Anne Adaley CFO & Company Secretary
COMMODITIES DIVISION
The settlement of the application funds and the issue of shares under the Placement is anticipated to take place on or about Tuesday, 23 August 2016. The Director’s Placement will occur only after shareholder approval is obtained at a general meeting to be held within the next three months.
The Placement was strongly supported by a range of sophisticated investors, and was conducted pursuant to Section 708 of the Corporation Act.
PROJECTS
Mekambo‐Est Republic of Gabon Tchibanga Republic of Gabon Waka Republic of Gabon Makokou Republic of Gabon
Assuming shareholders approve the Director’s Placement, the anticipated use of funds is as follows:
| funds is as follows: | ||
|---|---|---|
| Item of Expenditure | Placement | Director’sPlacement |
| Company salaries & management fees, rent,annual report, IT communications services,investor relations, office expenses & insurancerenewals | $238,541 | $22,860 |
| Accounting, Tax, Auditors, Financial, Legal andotherprofessional advisors | $319,459 | ‐ |
| Share registry and shareholder costs | $10,000 | $51,140 |
| Travel costs | ‐ | $30,000 |
| Sub‐totals | $568,000 | $104,000 |
| Total | $672,000 |
CONTACT INFORMATION
T : +61 2 8249 4436
F: + 61 2 8249 4001 E : [email protected] A : Suite 6, Level 13
3 Spring Street Sydney NSW 2000
W: waratahresources.com.au
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Information required under ASX Listing Rule 3.10.5A
The Company provides the information as required under ASX Listing Rule 3.10.5A.
(a) The dilution to existing shareholders as a result of the Placement is as follows:
| Share details | Issued Shares | Dilution |
|---|---|---|
| Number of shares on issue prior to the Placement | 565,911,335 | |
| Placement issue under Listing Rule 7.1 | 79,486,700 | 12.01% |
| Placement issue under Listing Rule 7.1A | 1,656,157 | 0.25% |
| Director’s Placement* | 14,857,142 | 2.24% |
| Number of shares on issue following the issue of the placement shares | 661,911,334 |
- Assuming shareholder approval is obtained.
(b) The Company will issue shares to sophisticated investors as it is considered to be a more efficient and expedient method for raising funds to achieve its stated objectives. The Placement allows the Company to introduce and increase the number of sophisticated investors on its register.
(c) No underwriting agreements were in place for the placement.
(d) Capital raising fees totalling $16,400 were incurred on the Placement of which $335 is in connection with the shares issued under Listing Rule 7.1A.
For further information, please contact:
Waratah Resources Limited
Anne Adaley
T: + 61 8249 4436
PAC Partners
Tom Fairchild
E: [email protected] T: +61 3 8633 9867
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