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IRON BEAR RESOURCES LTD — Share Issue/Capital Change 2020
Sep 2, 2020
65091_rns_2020-09-02_ef93ff1c-0033-4934-a70e-f2e00e7d5a21.pdf
Share Issue/Capital Change
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ASX Release
3 September 2020
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Proposed Share Issues
Placement
As announced on 4 August 2020, Cape Lambert Resources Limited (ASX: CFE) ( Cape Lambert or the Company ) proposes, subject to Shareholder approval, to undertake a placement, mainly to Australian and European based sophisticated investors, at an issue price of $0.0017 per share to raise proceeds of up to $1,000,000 (before expenses).
Following the 4 August 2020 announcement, the Company has received from sophisticated investors a total commitment of around $2,000,000. The Directors have decided to, subject to Shareholder approval, increase the amount to be raised under the proposed placement from $1,000,000 (before expenses) to $2,000,000 (before expenses) at an issue price of $0.0017 per share ( Placement ). The funds raised will be used to repay creditors and for general working capital purposes. A placement fee of 6% is payable on funds raised.
An amended appendix 3B accompanies this announcement.
Conversion of debt to equity
The Company has agreed with Bennett and Co, subject to Shareholder approval, to satisfy a debt of $188,447.30 (for legal services) owed by the Company by issuing a total of 125,631,533 Shares at an issue price of $0.0015 per Share ( Debt Conversion ) and paying the balance of the debt $123,780 in cash by no later than 30 November 2020.
An appendix 3B for the proposed issue accompanies this announcement
General Meeting
Shareholder approval for the Placement and the Debt Conversion is sought at a general meeting to be held at 9:00am on 6 October 2020 (the Meeting ). A notice of meeting prepared by the Company for the Meeting is announced to ASX today ( Notice of Meeting ) and is being dispatched to Shareholders today.
This announcement is authorised to be given to ASX by Mr Tony Sage, Cape Lambert’s Executive Director.
Yours faithfully Cape Lambert Resources Limited
Tony Sage Executive Director
For further information please contact:
Investor Relations Follow us +61 (0) 8 9380 9555 @Cape_Lambert [email protected] cape-lambert-resources-limited
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Cape Lambert Resources Limited ABN 71 095 047 920
32 Harrogate Street, West Leederville WA 6007 Phone: +61 8 9380 9555 Email: [email protected]
ASX: CFE