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HYTERRA LTD — Capital/Financing Update 2009
Nov 23, 2009
65084_rns_2009-11-23_e2ab38ae-c408-497e-979a-701f67eeafd4.pdf
Capital/Financing Update
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24 November 2009
The Manager Company Announcements Office Australian Securities Exchange Ltd 4th Floor, 20 Bridge Street SYDNEY, NSW 2000
REVISED COMPANY STRATEGY AND PLACEMENT
The Board of Directors of BrainZ Instruments Limited (“BrainZ” or the “Company”) is pleased to advise that it has resolved to implement a change to Company strategy. Under previous management, the Company had advised that it was considering winding up the Company and returning capital to shareholders. The newly appointed Board has considered the merits of this strategy and resolved not to pursue it. Under the revised strategy, the Board has resolved to explore new business opportunities and seek to remain as an ASX listed entity.
In line with this revised strategy, the Board has decided to undertake a placement of 15 million shares at 4 cents per share to sophisticated clients of Alto Capital. The $600,000 raised (before costs of the issue) will be used to review new business opportunities and for general working capital. It is planned that 9 million of these will be issued in the near future pursuant to the Company’s 15% capacity, with a further 4 million shares to be placed to the Company’s Chairman, Keith Goodall and 2 million to Director Mathew Walker, subject to shareholder approval, on the same terms. It is envisaged that a Meeting of Shareholders will be convened shortly to consider this issue and a Notice of Meeting will be dispatched to shareholders in due course.
Yours faithfully,
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Mathew Walker Director
For further information please contact:
James Robinson, Company Secretary, BrainZ Instruments Limited, Tel: + 61 (8) 6460 4960
Auckland Office – C/- KGA Ltd, Orica House, 123 Carlton Gore Road, Newmarket, Auckland NZ Perth Office - Suite 9, 1200 Hay Street, West Perth WA 6005 – PO Box 281, West Perth WA 6872 NZ Company Number 479754 - ARBN 116829675