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ION VIDEO LTD — Capital/Financing Update 2014
May 13, 2014
65133_rns_2014-05-13_655a0004-7389-4e77-a328-29001de0a5ab.pdf
Capital/Financing Update
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12 May 2014
Dear Shareholder
Firestrike Resources Ltd – pro-rata non-renounceable rights issue
As announced on 12 May 2014, Firestrike Resources Ltd (ACN 149 796 332) (Company) is undertaking a 1 for 2 pro rata non-renounceable rights issue (Rights Issue or Offer) of approximately 16,000,000 fully paid ordinary shares (New Share) to raise up to $320,000. The price of New Shares under the Offer is $0.02 each (Issue Price). The Company lodged a prospectus for the Offer (Prospectus) with ASIC and ASX on 12 May 2014.
The Offer will be partially underwritten by Workpower Pty Ltd.
The funds raised from the Offer are planned to be used in accordance with the table set out below (assuming the Offer is fully subscribed):
| Proceeds of the Offer | $ |
|---|---|
| Exploration program at Copper Ridge project | 175,000 |
| Additional working capital including meeting the explorationcommitments in respect of the Company’s existing WesternAustralian exploration projects and corporate overheads. | 130,962 |
| Expenses of the Offer | 14,038 |
| Total | 320,000 |
The Offer is being made to all shareholders of the Company (Shareholders) named on its register of members at 5:00pm (WST) on 19 May 2014, whose registered address is in Australia or New Zealand.
New Shares will rank equally with all fully paid ordinary shares in the capital of the Company (Shares) already on issue.
Following completion of the Offer, the Company will have issued approximately 16,000,000 New Shares resulting in total Shares on issue of approximately 48,000,000.
Ineligible shareholders
A Shareholder who has a registered address outside Australia and New Zealand (Ineligible Shareholder) will not be eligible to participate in the Offer.
You are not eligible to participate in the Offer and you will not be sent a copy of the Prospectus. This decision has been made pursuant to Listing Rule 7.7.1(a) of the ASX Listing Rules after taking into consideration the costs of complying with legal and regulatory requirements in jurisdictions outside of Australia and New Zealand compared with the small number of Ineligible Shareholders and the number and value of New Shares to which they would otherwise be entitled.
If you have any queries concerning the Rights Issue, or the action you are required to take to subscribe for New Shares, please contact your financial adviser or Paul Lloyd, Firestrike Resources Ltd’s Company Secretary, on +61 8 9476 9209.
Yours sincerely
Paul Lloyd Director