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MYECO GROUP LTD — Capital/Financing Update 2008
Apr 21, 2008
65304_rns_2008-04-21_320d23b4-e0d4-400b-b141-eb69bcc50d45.pdf
Capital/Financing Update
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ACN 064 755 237
TO: COMPANY ANNOUNCEMENTS OFFICE AUSTRALIAN SECURITIES EXCHANGE
DATE: 22 April 2008
PROPOSED GRANT OF NEW OPTIONS TO THE HOLDERS OF OPTIONS WHICH EXPIRED ON 31[ST] DECEMBER 2007.
Further to the Company’s announcement on 17 December 2007 in relation to this matter, the Directors of Cardia Technologies Limited advise that the Company now plans to convene a meeting of members to seek approval for a new series of options to be offered to holders of the options which expired on 31[st] December 2007 (“the Optionholders”).
The only persons who will be eligible to vote on the resolution to approve the issue will be those members who did not hold options at the time of their expiration on 31 December 2007. A detailed Information Statement will accompany the Notice of Meeting to be despatched to members in relation to the meeting.
The new options are proposed to be granted to the Optionholders at an issue price of $ 0.005 (0.5 of a cent) each and the options will be exercisable at $ 0.10 (10 cents) each on or before 5.00 pm AEST on 30 June 2011.
If the resolution is passed, then, to the extent that the Optionholders do not take up their entitlements they will lapse.
Under the proposed issue a total of 196,167,308 options would be offered to the Optionholders at half a cent an option to raise up to a maximum $980,837 if fully subscribed.
In addition and to provide a benefit to all members the Company proposes to make a bonus issue of options on a pro-rata entitlements basis. The number of options issued under the entitlements issue will be the difference between the number of options actually subscribed for under the proposed issue to the Option holders and the number of shares on issue in the Company). The effect of the issue will be that between the issue to the Optionholders and the bonus issue to the members, the total number of options issued will be that number as equals the total number of shares on issue in the Company.
CARDIA TECHNOLOGIES LTD
REGISTERED OFFICE Suite 510 Level 5 Pacific Tower 737-741 Burwood Road Hawthorn Victoria 3122 Australia Telephone +61 3 9813 3228 Facsimile +61 3 9813 2668 Email: [email protected]
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ACN 064 755 237
Further details of the proposed new issue of options will be contained in the Notice of General Meeting expected to be despatched to members on or about 1[st] May 2008.
John Wilson Company Secretary
CARDIA TECHNOLOGIES LTD
REGISTERED OFFICE Suite 510 Level 5 Pacific Tower 737-741 Burwood Road Hawthorn Victoria 3122 Australia Telephone +61 3 9813 3228 Facsimile +61 3 9813 2668 Email: [email protected]