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RAMELIUS RESOURCES LIMITED Capital/Financing Update 2003
65718_rns_2003-12-23_84a940ce-c18e-42bc-b671-726d974af3f5.pdf
Capital/Financing Update
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For Immediate Release 24 December, 2003
\$4M RIGHTS ISSUE TO FUND W.A.
GOLD EXPLORATION PROGRAM
A \$4 million rights issue to fund a West Australian gold exploration program has been announced by listed explorer, Ramelius Resources Limited (RMS).
The one-for-one renounceable rights issue - which is to be managed by Pitt Capital Partners Limited - will involve the issue of up to approximately 36.3 million new fully paid ordinary shares in Ramelius at an issue price of \$0.11 cents per ordinary share.
The Offer, which opens on 14 January 2004 and closes on 20 February 2004, is at a 24% discount to the last closing price of 14.5 cents for Ramelius ordinary shares on the ASX prior to the date of the announcement of the Rights Issue.
"Proceeds will be used to accelerate our exploration programs on key gold projects around Coolgardie in Western Australia, to fund the exploration of the additional projects acquired since listing, for any corporate or asset acquisition opportunities and to provide additional working capital " Ramelius' Managing Director, Mr Joe Houldsworth, said today.
Since listing on the ASX in March this year, Ramelius has continued to build its gold and nickel exploration assets around Coolgardie and in the Murchison regions of Western Australia.
Ramelius announced earlier this month that it had defined a new five kilometre long anomalous gold zone at a greenfields project under exploration by the Company, 180 kilometres northeast of Wiluna in Western Australia.
The zone was identified from recent stream sediment gold and base metals sampling over the Blue Hills exploration licence, E69/1657 - with the Company now planning a further sampling program over the zone, early in the New Year.
Offer timetable
The timetable for the Ramelius capital raising is as follows:
issued through FIELD PUBLIC RELATIONS PTY LTD ABN 74 008 222 311 231 South Road, MILE END SA 5031 Ph: 08 8234 9555 Fax: 08 8234 9566 [email protected]
| Monday, 5 January 2004 | Rights trading commences on ASX Ordinary Shares trade ex-Rights on ASX |
|---|---|
| Friday, 9 January 2004 | Record Date for determining Rights entitlements |
| Wednesday, 14 January 2004 | Opening Date for the offer |
| Friday 13 February 2004 | Rights trading ends on ASX |
| Friday, 20 February 2004 | Closing date for acceptances and renunciations |
| Friday, 12 March 2004 | Expected date for allotment of new shares and despatch of holding statements |
Applications for New Ordinary Shares under the Rights Issue may only be made by completing the Entitlement and Acceptance Form that accompanies the Offer Information Statement which is to be sent to eligible shareholders on 14 January 2004.
Shareholders eligible to participate in the Rights Issue should read the Offer Information Statement carefully.
MEDIA CONTACT:
Joe Houldsworth Ramelius Resources Limited 08 9250 6644 / 0408 920 891
Kevin Skinner Field Public Relations 08 8234 9555 / 0414 822 631
Mark Lindh Ramelius Investor Relations 0414 551 361
issued through FIELD PUBLIC RELATIONS PTY LTD ABN 74 008 222 311 231 South Road, MILE END SA 5031 Ph: 08 8234 9555 Fax: 08 8234 9566 [email protected]