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PEEL MINING LIMITED — Capital/Financing Update 2009
Aug 24, 2009
65545_rns_2009-08-24_19191e40-3bbe-491e-b63d-9223d3223854.pdf
Capital/Financing Update
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[Address]
Dear Shareholder,
NON‐RENOUNCEABLE ENTITLEMENT ISSUE
Peel Exploration Limited ( Company ) has announced to ASX Limited ( ASX ) a non‐renounceable entitlement issue on the basis of one (1) new Share for every three (3) Shares held by Shareholders at an issue price of 10 cents per Share to raise approximately $1,030,892 ( Offer ).
The entitlement issue will result in the issue of approximately 10,308,917 new shares in the Company.
The Offer is not underwritten.
The Prospectus relating to this issue has been lodged with the Australian Securities and Investments Commission and ASX and is available on the ASX website at www.asx.com.au for inspection. The timetable and important dates of the issue are set out below:
| Event | Date |
|---|---|
| Lodgement of Prospectus and Appendix 3B | 21 August 2009 |
| Notice sent to Shareholders | 25 August 2009 |
| Ex Date | 26 August 2009 |
| Record Date for determining Shareholder entitlements | 1 September 2009 |
| Prospectus despatched to Shareholders | 7 September 2009 |
| Closing Date of Offer | 25 September 2009 |
| Securities quoted on a deferred settlement basis | 28 September 2009 |
| Notify ASX of under‐subscriptions | 30 September 2009 |
| Despatch date/Shares entered into Shareholders’ security holdings | 2 October 2009 |
- These dates are determined based upon the current expectations of the Directors and may be varied in accordance with the Listing Rules.
The purpose of the issue is to raise approximately $1,030,892 and the funds raised are planned to be used as follows:
| Proceeds of the Offer Attunga Tungsten Deposit infill drilling Attunga project regional drilling and geophysics Other Projects Working Capital Expenses of the Offer Total |
$ |
|---|---|
| 350,000 | |
| 250,000 | |
| 250,000 | |
| 153,066 | |
| 27,826 | |
| $1,030,892 |
Peel Exploration Limited ACN 119 343 734
Level 1, 79 Hay St, Subiaco, WA 6008. Ph: (08) 9382 3955. Fax (08) 9388 1025. E: [email protected]. www.peelex.com.au
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The capital structure of the Company on completion of the issue will be as follows:
Shares
| Number | |
|---|---|
| Share currently on issue | 30,926,750 |
| Shares offered pursuant to the Offer | 10,308,917 |
| Total Shares on issue on completion of the Offer | 41,235,667* |
- Assumes the offer is fully subscribed.
Options
| Number | |
|---|---|
| Quoted exercisable at $0.20 on or before 30 November 2010 | 22,473,250 |
| Unquoted exercisable at $0.30 on or before 30 April 2011 | 1,000,000 |
| Unquoted exercisable at $0.30 on or before 30 November 2010 | 7,500,000 |
| Unquoted exercisable at $0.25 on or before 30 November 2010 | 600,000 |
| Options offered pursuant to the Offer | Nil |
| Total Options on issue after completion of the Offer | 31,573,250 |
In calculating entitlements under the entitlement issue fractions will be rounded up to the nearest whole number.
The offer under the Prospectus is made to Shareholders with registered addresses in Australia and New Zealand. Overseas shareholders should contact the Company Secretary with any queries.
Full detail of the issue will be contained in the Prospectus that will be mailed to all shareholders who are registered on the record date. Shareholders eligible to participate should read the Prospectus carefully.
Yours faithfully
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Mr Robert Tyson Managing Director Peel Exploration Limited
Peel Exploration Limited ACN 119 343 734
Level 1, 79 Hay St, Subiaco, WA 6008. Ph: (08) 9382 3955. Fax (08) 9388 1025. E: [email protected]. www.peelex.com.au