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RAREX LIMITED — Capital/Financing Update 2011
May 2, 2011
65681_rns_2011-05-02_ba225422-90a6-4872-836f-992512f2fcd1.pdf
Capital/Financing Update
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----- Start of picture text ----- Clancy Exploration Limited Phone: (02) 6361 12853 Corporation Place Fax: (02) 6361 1202Orange NSW 2800 www.clancyexploration.comAustralia [email protected]----- End of picture text -----
ASX / MEDIA ANNOUNCEMENT 3 May 2011
FULLY UNDERWRITTEN RIGHTS ISSUE
Clancy Exploration Limited (“Clancy”) is pleased to announce a non-renounceable rights issue to raise approximately $4.38 million (before issue costs). The rights issue is to be fully underwritten.
The rights issue will be offered on the basis of one new share and one free attaching option for every two shares held, at an issue price of 8 cents per share. The free attaching options have an exercise price of 15 cents each and will expire on 31 July 2013 and will be listed under the existing ASX code of “CLYO”.
The Company will apply for quotation of the new shares and the new options on ASX.
Patersons Securities Limited and Soaring Securities Pty Limited have been appointed as Joint Lead Managers and Joint Underwriters.
The funds raised will be used principally to continue the Company’s exploration and development programs, in particular drilling programs at the Company’s key exploration projects at Condobolin and Trundle.
The Prospectus relating to this Rights Issue will be lodged with ASIC and ASX later today and will be available after lodgement on the ASX website www.asx.com.au and also on the Company’s website www.clancyexploration.com.
Details of the timetable will be announced in due course. Should you have any questions in relation to the above matters, please contact the Company Secretary on telephone (08) 9226 0085 or at [email protected].
-ENDS-
Please direct enquiries to:
Gordon Barnes Managing Director Phone: +61 2 6361 1285 Email: [email protected] Web: www.clancyexploration.com
Shane Murphy FD Phone: +61 8 9386 1233 Mobile: +61 (0)420 945 291
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