AI assistant
MYECO GROUP LTD — Capital/Financing Update 2009
May 17, 2009
65304_rns_2009-05-17_1879287a-aafe-4447-a471-74b8baf36c47.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
==> picture [75 x 109] intentionally omitted <==
ACN 064 755 237
TO: COMPANY ANNOUNCEMENTS OFFICE AUSTRALIAN SECURITIES EXCHANGE
DATE: 18 May 2009
PROPOSED PLACEMENT OF NEW SECURITIES
The Board of Cardia Technologies Limited (“Cardia”) advises that it is proposing to make a placement of 80 million new fully paid Ordinary Shares being less than 15% of the total ordinary shares on issue.
The issue price of the new shares will be 2.7 cents ($0.027) per share raising $2,160,000.
The funds raised will be utilized for further expansion of the operations of its recently acquired subsidiary Biograde Limited and for general working capital purposes including expanding its China manufacturing capacity for resins and finished products and expanding its international marketing and sales presence.
The Placement is being managed by Australian stockbroker BGF Equities Pty Ltd.
An Appendix 3B applying for quotation of the new securities will be lodged upon completion of the Placement.
PROPOSED NAME CHANGE
To better reflect the changing nature of the Company’s activities following the acquisition of Biograde Limited and subject to the approval of shareholders the Board intends to change the Company’s name to Cardia Bioplastics Limited.
MINERAL EXPLORATION
The Board also advises that it is currently considering the structure and funding of its wholly owned subsidiary Cam Bow Holdings (Pty) Ltd (“Cam Bow”).
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]
==> picture [75 x 109] intentionally omitted <==
ACN 064 755 237
Cam Bow, which is the Botswana based subsidiary of Cardia, holds 11 uranium and base metal prospecting licences in that country. Ground Exploration has commenced with a field team currently conducting ground surveys, geo-chemistry and work-chip sampling following the anomalies identified by the Company’s aeromagnetic results reported late last year and by Falconbridge and Urangesellshaft in the 1970’s.
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]