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LARK DISTILLING CO. LTD Capital/Financing Update 2004
65265_rns_2004-10-24_fd038e5a-058c-4d8a-8d64-15c346cf45b5.pdf
Capital/Financing Update
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ASX RELEASE
Montec International Limited ABN: 62 104 600 544
Level 6, 55 York Street Sydney NSW 2000 Australia
[email protected] www.mnnter-international.com
Telephone: +61 2 9299 0011 Facsimile: +61 2 9299 1499
25 October 2004
Private Placement to Strategic Investor
Beijing Sanyuan Group Co Ltd
The Board of Montec International Limited ("Montec" or the "Company") is pleased to announce the completion of a private placement of 3,846,154 new ordinary shares at \$0.52 per share raising \$2.0 million.
The funds are to be subscribed in two Tranches of \$1.0m each on 26th November 2004 and 31st January 2005. The placement has been made to BAIC Australia Pty Ltd. a wholly owned Australian subsidiary of the substantial China based Beijing Sanyuan Group Co Ltd ("BSG") who is also a major shareholder in Beijing Sanyaun Foods Co Ltd ("BSF"). The placement funds will be used to further fund expansion in China.
Malcolm Campbell, Managing Director, stated "Montec is excited to have one of the most respected and substantial food corporations in China, and a powerhouse in that country's dairy sector, represented on the Company's share register. The potential for Montec to now develop commercial arrangements with the vast business interests of BSF holds significant opportunity for Montec".
A nominee director of BAIC Australia Pty Ltd is to be appointed by the directors of Montec as a non executive director of Montec following allotment of all shares under the placement.
The allotment of placement shares is subject to cleared funds, and approval by shareholders of the earlier issues of ordinary shares made by the Company in accordance with resolution 5 of the Company's Notice of Annual General Meeting to be held on the 19th November 2004. The placement is further conditional on BAIC Australia Pty Ltd receiving approval from the Treasurer of the Commonwealth of Australia to make the investment.
Further information on BSG and BSF can be found at the following websites www.bsyq.com.cn and www.sanyuan.com.cn.
Ends For further enquiries: Nick Geddes Company Secretary 02 9252 1933
Terry Cuthbertson Chairman 02 9299 0011