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PROSPECT RESOURCES LIMITED — Capital/Financing Update 2013
Oct 31, 2013
65617_rns_2013-10-31_a2a0322d-d4ca-4918-ae14-1743d299e8f1.pdf
Capital/Financing Update
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1 November 2013
Company Announcements Office Australian Securities Exchange Level 8, Exchange Plaza 2 The Esplanade Perth WA 6000
By Electronic Lodgement
Dear Sirs,
Re: Update on Share Placement
On 15 July 2013 Prospect Resources (ASX:PSC) announced entry into a conditional share placement of $4.5 million in total with Sirius Trustees Ltd for $100,000 and the Investec Zimbabwe Recapitalisation Fund Limited for $500,000 and a consortium including Blumont Group Ltd (BLUM.SI), Alexander Molyneux and Pacific Advisers ( Blumont Consortium ) for $3.9m.
The conditions precedent to the share placement were satisfied on 28 October 2013 and notice of that was provided to the Blumont Consortium on 29 October 2013. Funds have been received from Sirius Trustees Ltd and the Company has been advised by the Investec Zimbabwe Recapitalisation Fund Limited that funds will be received by close of business today.
On 31 October 2013, Prospect Resources received a purported notice of termination from the Blumont Consortium, purporting to terminate on the basis that the Blumont Consortium is not reasonably satisfied that the conditions precedent to the placement have been fulfilled. Prospect Resources’ says that, the conditions having been satisfied and the Blumont Consortium is obliged to complete the placement. Prospect Resources reserves all of its rights and has referred the matter to its lawyers for enforcement.
For more information please contact Mr Hugh Warner on +61 8 9217 3300
Prospect Resources Limited | ACN 124 354 329
Suite 6, 245 Churchill Ave. Subiaco WA 6008 | Phone: +61 8 9217 3300 | Fax: +61 8 9388 3006 Website: prospectresources.com.au | Email: [email protected]