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METEORIC RESOURCES NL — Capital/Financing Update 2004
Jul 13, 2004
65311_rns_2004-07-13_0d8e5885-3b4e-446f-b9e4-1c3a37bd6cba.pdf
Capital/Financing Update
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METEORIC RESOURCES NL ABN 64 107 985 651 COMMITTED EXPENDITURE
The following sets out the Company's proposed application of funds based on the actual amount raised. This statement is being made to demonstrate to ASX that the Company has commitments to spend at least half its cash assets.
| Use of Proceeds | Total | ||
|---|---|---|---|
| Project Exploration (Refer to table below) | \$2,500,000 | ||
| ASX Listing Fees | \$25,000 | ||
| Capital Raising Fees | \$250,000 | ||
| Other Expenses to the Offer | \$175,000 | ||
| Reimbursement to Image | \$220,000 | ||
| Corporate Overheads | \$1,000,000 | ||
| General Working Capital | \$745,161 | ||
| Total | \$4,915,161 | ||
| Indicative Exploration Expenditure | Year 1 | Year 2 | Total |
| Warrego North | \$430,000 | \$490,000 | \$920,000 |
| Murchison Range | \$200,000 | \$290,000 | \$490,000 |
| Bullfinch | \$160,000 | \$190,000 | \$350,000 |
| Ularring (Application) | |||
| Jarbora Hill | \$220,000 | \$170,000 | \$390,000 |
| Junction Lake (Application) | |||
| Wilthorpe | \$160,000 | \$190,000 | \$350,000 |
| Ruby Well (Application) | |||
| Total | \$1,170,000 | \$1,330,000 | \$2,500,000 |
The above exploration programs are subject to change and are contingent on circumstances, results and other opportunities. Expenditure may be reallocated amongst existing or new projects or to general working capital. If tenements are granted for any of the above projects which are designated as applications, the Company may reallocate funds to these projects having regard to the recommendations made in the Independent Geologist's Report section of the prospectus. The Company does not intend to restrict its activities to the aforementioned projects and will evaluate other opportunities as they arise.