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MACRO METALS LIMITED — Capital/Financing Update 2019
Dec 10, 2019
65283_rns_2019-12-10_205a0bc1-1b76-434c-8ead-f96a4f0a4f1f.pdf
Capital/Financing Update
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11 December 2019
EXTENSION OF SHARE PURCHASE PLAN
Kogi Iron Limited (ASX: KFE) (“Kogi”, “Kogi Iron” or the “Company”) wishes to advise that the closing date for its Share Purchase Plan (SPP) has been extended by just under one week. The date has been extended owing to some shareholders having only recently received the offer document and to ensure all shareholders are given a fair opportunity to participate. Applications will now be accepted until 2:00pm (WST) on 19 December 2019.
For eligible Shareholders the SPP is an opportunity to acquire from $5,000 to $30,000 new shares in Kogi at an offer price of $0.04 per share without incurring brokerage or transaction costs. Shareholders wishing to participate in the SPP should apply by completing the original Application Form mailed to shareholders and returning it to the address indicated on the Application Form, together with appropriate payment for the number of Shares applied for under the SPP, or by making payment directly by BPay® in accordance with the details on the Application Form.
The updated indicative timetable for the SPP offer is as follows:
| Record Date(5:00pm WST) | Wednesday20 November 2019 |
|---|---|
| OpeningDate of Offer | Tuesday26 November 2019 |
| *Closing Date of Offer(2.00pm WST) ** | Thursday 19 December 2019 |
| Issue of New Shares under the Plan* | Monday30 December 2019 |
| Dispatch date for holdingstatements* | Monday30 December 2019 |
| Quotation of New Shares on ASX* | Tuesday31 December 2019 |
- These dates are indicative only. The Company may vary the dates and times of the Offer by making an announcement to ASX. Accordingly, shareholders are encouraged to submit their Application Forms as early as possible.
Funds raised pursuant to the Offer will be used to fund the progression of the Bankable Feasibility Study, in-country costs and to provide working capital.
For and on behalf of the Board
Kevin Hart Company Secretary
For more information, please contact:
Kogi Iron Limited Tel (office): +61 8 9200 3456 Email: [email protected]
| KFE Capital SummaryOrdinary Shares: 732,778,327Listed Options: 142,328,948Share price: $0.04Market capitalisation: $29m | Board of DirectorsMr Greg Boulton AM –Non-Executive ChairmanMr David Turvey –Managing DirectorMr Don Carroll –Non-Executive DirectorMr Peter Huljich –Non-Executive Director | ContactUnit 23, 4 Ventnor Avenue,West Perth WA 6005Tel: +61 8 9200 3456Email:[email protected]W: www.kogiiron.com |
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About Kogi Iron (ASX: KFE)
Kogi Iron Limited is a Perth-based company with the objective of becoming a producer of cast steel product that can be sold to manufacturers of steel products through the development of its 100% owned Agbaja Cast Steel project located in Kogi State, Republic of Nigeria, West Africa (“Agbaja” or “Agbaja Project”).
Nigeria has substantial domestic demand for steel products, which is currently met largely through imports. The Agbaja project, located on the Agbaja plateau approximately 15km northwest of Lokoja city in Kogi State and approximately 200km southwest of Abuja, the capital city of Nigeria, opens the opportunity for domestic production of steel billets.
The Company holds a land position which covers a large part of the Agbaja Plateau. The Agbaja Plateau hosts an extensive, shallow, flat-lying channel iron deposit with an Indicated and Inferred Mineral Resource of 586 million tonnes with an in-situ iron grade of 41.3% reported in accordance with the JORC Code (2012). This mineral resource covers approximately 20% of the prospective plateau area within ML24606 and ML24607.
Table 1 – Summary Grade Tonnage for Laterite (Zone A) and Oolitic (Zone B) Horizons (20% Fe lower cut off is applied) Refer ASX announcement 10 December 2013.
| Classification | Tonnes (Mt) | Fe (%) |
|---|---|---|
| Zone A(Laterite Mineralisation) | ||
| Indicated | 147.5 | 33.2 |
| Inferred | 33.9 | 31.7 |
| Total Indicated + Inferred (Zone A) | 181.4 | 32.9 |
| Zone B(Oolitic Mineralisation) | ||
| Indicated | 318.7 | 45.2 |
| Inferred | 86.3 | 44.7 |
| Total Indicated + Inferred (Zone B) | 405.0 | 45.1 |
| Combined Zone A and Zone B | ||
| Total Indicated | 466.2 | 41.4 |
| Total Inferred | 120.1 | 41.1 |
| Total Indicated + Inferred | 586.3 | 41.3 |
The Company confirms that it is not aware of any information or data that materially affects the information included in the original market announcements and, in the case of estimated Mineral Resources, which all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.