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PTR MINERALS LTD Capital/Financing Update 2006
65621_rns_2006-11-21_bd37910d-529c-429d-9758-ff33f086bc86.pdf
Capital/Financing Update
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Petratherm Ltd
105-106 Greenhill Road, Unley, 5061, South Australia Tel: +61 8 8274 5000 Fax: +61 8 8272 8141 Website www.petratherm.com.au Email [email protected] A.C.N. 106 806 884
Share Placement
Petratherm Ltd (ASX Code PTR) is pleased to announce a share placement of 6,500,000 fully paid ordinary shares at 32 cents per share to raise \$2,080,000 before expenses. The placement price of 32 cents represents a discount of 8.6% on the 20 day volume weighted average price of 35 cents.
The placement was made to clients of Taylor Collison Ltd.
The funds raised will be applied to engineering and well design for the deep well, at the Paralana geothermal anomaly, plus procurement of associated long lead-time drilling resources and materials, and ongoing working capital.
In accordance with Listing Rule 3.10.3, the Company provides the following details of the placement shares:-
| Class of Securities | Fully paid ordinary shares. | |
|---|---|---|
| Number to be Issued | $\mathcal{L}_{\mathcal{L}}$ | 6,500,000 |
| Principal Terms of Securities | $\ddot{\phi}$ | The shares will carry standard rights applicable to quoted ordinary shares in the Company and will, from the date of issue, rank equally with fully paid quoted ordinary shares currently on issue. |
| Issue Price | ÷ | 32 cents per share. |
| Purpose of Issue | Funds raised will be used for exploration, engineering studies, planning and working capital. |
|
| Shareholder Approval | ÷ | The Company will not seek shareholder approval prior to the issue of the 6,500,000 placement shares, as approval for this issue is not required by the Listing Rules. The Company intends to subsequently seek approval of this issue at a general meeting pursuant to Listing Rule 7.4 (subsequent approval of issue of securities). |
| Issue to Class | The issue is not being made to a class of security holders. |
As the issue will be to sophisticated or professional investors, it will not require disclosure under the Corporations Act.
For further information please contact:
Mr Terry Kallis Managing Director Petratherm Ltd Ph: 8 8274 5000
22 November 2006