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MEC RESOURCES LIMITED — Capital/Financing Update 2008
Jun 26, 2008
65353_rns_2008-06-26_393a17e0-74fb-4754-a592-b653df9c790d.pdf
Capital/Financing Update
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27 June 2008
Dear Shareholder
NON RENOUNCEABLE RIGHTS ISSUE
The Company is happy to announce a non renounceable rights issue of approximately 71,072,838 Shares at an issue price of $0.05 per Share to raise up to $3,553,642 on the basis of one (1) Share for every one (1) Share held plus three (3) attaching free Options for every two (2) Shares issued.
The prospectus relating to this issue will be lodged with the ASX and will be available on the ASX website at www.asx.com.au for inspection.
The timetable and important dates of the issue are set below:
| EVENT | DATE |
|---|---|
| Lodgement of Prospectus with the ASIC | 30 June 2008 |
| Notice to Shareholders | 2 July 2008 |
| Ex Date | 4 July2008 |
| Record Date for determining Shareholder entitlement | 10 July 2008 |
| Opening Date and despatch of Prospectus to Shareholders | 16 July 2008 |
| Closing Date of Offers | 5:00pm 30 July 2008 |
| Shares quoted on a deferred settlement basis | 31 July 2008 |
| Allotment and dispatch of holding statements | 7 August2008 |
The purpose of the issue is maximise MEC’s involvement in the petroleum resources sector considering current global demands and record energy prices.
The funds raised will be used to invest further in investee company Advent Energy Ltd, allowing a drilling rig to be secured for Petroleum Exploration Permit 11 in the offshore Sydney Basin, and further development of Advent’s strong portfolio of exploration assets throughout Australia.
The capital structure of the Company on completion of this issue will be as set out below:
Listed
142,145,676 ordinary fully paid Shares 106,609,257 Options
Unlisted
nil ordinary fully paid Shares 12,150,000 Options
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The Options are exercisable at 20 cents each on or before 4th July 2013. The Options do not rank equally with other securities quoted. However, all Shares issued on exercise of the Options will rank equally with the then issued fully paid ordinary Shares. The Options do not entitle a holder to participate in any dividends.
Yours faithfully
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Deborah Ambrosini Company Secretary
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MEC Resources Ltd ACN 113900020 PO Box 317 North Perth WA 6906 14 View Street, North Perth Western Australia 6006 T: +61 8 9328 8477 F: +61 8 9328 8733