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REDSTONE RESOURCES LIMITED Capital/Financing Update 2018
65676_rns_2018-10-07_b77368bb-bf0b-418c-8313-2d700703ed1f.pdf
Capital/Financing Update
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8 October 2018
The Manager Company Announcements Office Australian Stock Exchange Limited Level 4, Exchange Centre 20 Bridge Street SYDNEY NSW 2000
NON RENOUNCEABLE ENTITLEMENT OFFER UPDATE AND NOTICE OF SHORTFALL
Redstone Resources Limited (ASX Code: RDS) (Redstone or the Company) confirms that the Company's non renounceable entitlement offer of one (1) New Share for every three (3) Shares at an issue price of $0.017 per New Share (Entitlement Offer), closed at 5.00pm WST on 3 October 2018. Under the Company's Entitlement Offer, eligible shareholders also receive one (1) free attaching New Listed Option exercisable at $0.035 on or before 30 April 2021 for every two (2) New Shares issued.
Eligible Shareholders were also invited to apply for New Shares in excess of their entitlement through the Additional New Shares Offer.
The Company is pleased to advise that a total of $1,451,500 (before costs) has been raised.
The following table sets out the number of New Shares (and free attaching New Listed Options) subscribed for by eligible shareholders under both the Entitlement Offer and Additional New Shares Offer, and the offer shortfall (or amount of under subscriptions).
| No. New Shares | Free attaching NewListed Options | Gross Proceeds($) | |
|---|---|---|---|
| Total subscriptions available underthe Entitlement Offer | 126,644,753 | 63,322,376 | 2,152,960 |
| Total subscriptions accepted underthe Entitlement Offer | 64,578,825 | 32,289,437 | 1,097,840 |
| Total subscriptions accepted underthe Additional New Shares Offer | 20,803,660 | 10,401,830 | 353,662 |
| Total subscriptions accepted | 85,382,485 | 42,691,267 | 1,451,502 |
| Shortfall Securities | 41,262,218 | 20,631,109 | 701,458 |
The shortfall of 41,262,218 New Shares and 20,631,109 free attaching New Listed Options ("Shortfall Securities") will be dealt with in accordance with the Prospectus dated 31 August 2018 (and Supplementary Prospectus dated 3 September 2018) (the "Shortfall Offer"). For investors who would like to participate in the Shortfall Offer they can submit an application at: http://www.redstone.com.au/shortfall-register/.
The anticipated date for despatch of holding statements for the New Shares and New Listed Options subscribed for under the Entitlement Offer is 9 October 2018, with normal trading of the New Shares and New Listed Options expected to commence on 10 October 2018.
Funds will be predominantly used for an exploration program and RC drilling of EM (VTEMmax) targets on the Company's 100% owned West Musgrave Project.
The Company wishes to sincerely thank shareholders for their continued support and is encouraged by the subscriptions received under the Entitlement Offer and Additional New Shares Offer.
For further information please contact:
Richard Homsany Chairman Redstone Resources Limited +61 (08) 9328 2552 [email protected]
Miranda Conti Company Secretary Redstone Resources Limited +61 (08) 9328 2552 [email protected]