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PEEL MINING LIMITED Capital/Financing Update 2010
65545_rns_2010-09-22_cd10c262-068a-486a-85a1-7a2f3862341f.pdf
Capital/Financing Update
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Dear Shareholder,
Non-Renounceable Entitlement Issue
Peel Exploration Limited (Company) has announced to ASX Limited 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 7 cents per Share to raise approximately $1,540,207 (Offer).
The entitlement issue will result in the issue of approximately 22,002,959 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 or the issue are set out below:
| Event | Date |
|---|---|
| Lodgement of Prospectus and Appendix 3B | 22 September 2010 |
| Notice sent to Shareholders | 23 September 2010 |
| Ex Date | 28 September 2010 |
| Record Date for determining Shareholder entitlements | 5 October 2010 |
| Prospectus and Entitlement and Acceptance Form despatched | 11 October 2010 |
| Closing Date of Offer | 8 November 2010 |
| Securities quoted on a deferred settlement basis | 9 November 2010 |
| Notify ASX of under-subscriptions | 11 November 2010 |
| Despatch date/Shares entered into Shareholders' security holdings | 12 November 2010 |
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 $1,540,207 and the funds raised are planned to be used as follows:
| Proceeds of the Offer | $ |
|---|---|
| Apollo Hill project due diligence, drilling and exploration | 700,000 |
| May Day project drilling and exploration | 200,000 |
| Attunga project drilling, bulk sample and testwork | 200,000 |
| Other projects exploration | 150,000 |
| Working capital | 262,338 |
| Expenses of the Offer | 27,869 |
| Total | 1,540,207 |
The capital structure of the Company on completion of the issue will be as follows:
Shares
| Number | |
|---|---|
| Shares currently on Issue | 44,005,917 |
| Shares offered pursuant to the Offer | 22,002,959 |
| Total Shares on issue on completion of the Offer | 66,008,876 * |
* Assumes the offer is fully subscribed.
Options
| Number | |
|---|---|
| Quoted exercisable at $0.20 on or before 30 November 2010 | 22,473,000 |
| 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 | 580,000 |
| Options offered pursuant to the Offer | Nil |
| Total Options on issue after completion of the Offer | 31,553,000 |
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 details 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
Mr Robert Tyson Managing Director Peel Exploration Limited