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ORBMINCO LIMITED — Capital/Financing Update 2020
Aug 12, 2020
65473_rns_2020-08-12_b36974a4-bb7f-4a00-aff6-6c23846305ff.pdf
Capital/Financing Update
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Woomera Mining Limited
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Suite 116, 147 Pirie Street Adelaide SA 5000 [email protected] www.WoomeraMining.com.au
13 August 2020
ASX Announcement
RIGHTS OFFER CLOSES OVERSUBSCRIBED
Woomera Mining Limited (ACN 073 155 781) (ASX:WML) ( Woomera Mining or the Company ) is pleased to announce that the fully underwritten, pro-rata, non-renounceable rights offer to Eligible Shareholders ( Rights Offer ) announced on 8 July 2020 closed on 10 August 2020 over-subscribed.
Under the Rights Offer, Eligible Shareholders were invited to subscribe for two (2) ordinary shares in the Company for every three (3) existing shares held ( New Shares ) at an offer price of $0.012 to raise approximately $1,632,611 (before costs), together with one (1) free attaching Option for every two (2) New Shares subscribed.
The table below sets out the number of new securities to be issued pursuant to the Rights Offer*.
| Summary | New Shares | Attaching Options | Gross Proceeds |
|---|---|---|---|
| Total number of New Shares applied for by EligibleShareholders | 92,528,341 | 46,264,171 | $1.11 m |
| Total number of New Shares applied for under theShortfall Facility (over subscriptions) | 143,684,048 | 71,842,024 | $1.724 m |
| Total Rights Offer and Shortfall acceptances | 236,212,389 | 118,106,195 | $2.834 m |
| Maximum number of New Shares to be issued under theRights Offer | 136,050,911 | 68,025,456 | $1.632 m |
*subject to rounding and receipt of cleared funds.
As a result of the over-subscription under the Shortfall Facility, the directors of the Company will scale back the allocation of New Shares to Eligible Shareholders who participated in the Rights Offer, at their sole discretion in accordance with the allocation policy detailed in the Rights Offer Prospectus dated 10 July 2020 ( Prospectus ) and subject to the ASX Listing Rules and the Corporations Act 2001 (Cth).
The Company will notify Eligible Shareholders in respect of the scale back of their allocation under the Rights Offer, and refund the difference between the New Shares issued to that applicant and the parcel for which they applied, with the final allotment of all New Shares expected to take place on 17 August 2020 in accordance with the timetable in the Prospectus.
Gerard Anderson, the Company’s Managing Director, said “the Company is very pleased with the results of the Rights Offer and the overwhelming support from our shareholders. The Company is now well funded to execute on its Phase Two drilling program at our Mt Venn Gold Project. We look forward to an exciting new phase of growth for the Company on the back of our objective to extract value from Mt Venn principally together with the Musgrave Nickel-Copper Project.”
Between the proceeds received from the recently announced placement on 8 July 2020 and the Rights Offer, the Company has now raised approximately $1,884,611.
The Company wishes to thank all participating shareholders for their continuing support.
This ASX announcement was authorised for release by:
Company Secretary Woomera Mining Limited +61 8 8232 6201
Jonathan W. Lindh
About Woomera Mining Limited
Woomera Mining Limited (Woomera) is an ASX listed exploration company based in Adelaide, South Australia with an extensive mineral tenement portfolio prospective for Gold, Copper, Lithium, Uranium, Iron Ore, Nickel and Cobalt. The Woomera tenement package includes tenements prospective for gold and nickel-copper in the Mt Venn Greenstone Belt in Western Australia (Mt Venn Gold Project) and tenements prospective for nickel-copper-cobalt in the Musgrave Province of South Australia (Musgrave Alcurra-Tieyon Project). The Company also has tenements in the Gawler Craton which are considered prospective for IOCGU deposits, Cu-Ni-Co deposits, Rare Earth and Precious Metals. Woomera’s tenement portfolio also includes granted tenements and tenement applications in Western Australia including 2 tenements and 1 tenement application in the Pilbara region of WA (Pilgangoora Lithium Project), 2 lithium tenements near Ravensthorpe (Mt Cattlin Lithium Project), 2 lithium tenements at Lake Cowan and a tenement covering a lithium brine prospect at Lake Dundas in Western Australia.
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