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RENASCOR RESOURCES LIMITED — Capital/Financing Update 2015
Jul 7, 2015
65723_rns_2015-07-07_46c486b0-27de-4b3e-9ffa-afb72d08d080.pdf
Capital/Financing Update
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ASX Announcement
8 July 2015
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RENASCOR COMPLETES $1.5 MILLION CAPITAL RAISING
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Renascor completes $1.5 million capital raising
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Funds raised include $1.0 million raised through a non-renounceable entitlement offer, consisting of approximately $284,000 through a retail component, $630,000 through an accelerated institutional component and additional commitments from the joint underwriters
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Additional funds raised through $500,000 cornerstone investor placement to specialist investment fund Acorn Capital
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The proceeds will be used primarily to accelerate drilling at IOCG targets within the Extension Tank prospect and other IOCG targets located within Renascor’s 100%-owned Eastern Eyre project
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A 1,500 metre reverse-circulation and diamond core drill program has commenced at Extension Tank, with results expected later this month
Renascor Resources Limited (ASX: RNU) is pleased to announce the completion of a $1.5 million capital raising (before expenses), consisting of $1.0 million raised through a non-renounceable entitlement offer and $500,000 raised through a placement to specialist investment fund Acorn Capital.
Pursuant to the Entitlement Offer, eligible shareholders were invited to subscribe for one new share for every two shares held at an issue price of $0.02 per share, with one new listed option offered for every two new shares purchased. Funds raised under the Entitlement Offer include $284,012 under a retail component, which closed on 3 July 2015, and $630,000 under an accelerated institutional component, which closed on 3 June 2015. In addition, joint underwriters Bizzell Capital Partners and PAC Partners have agreed to subscribe for additional shares to cause the aggregate amount raised through the entitlement offer to exceed $1.0 million
Shares subscribed for under the institutional component of the Entitlement Offer commenced trading on the ASX on 19 June 2015. Shares subscribed for under the retail component and additional shares placed by the underwriters are expected to be issued on 9 July 2015 and to commence trading on a normal basis on the ASX on 10 July 2015.
In addition to the Entitlement Offer, as announced on 2 June 2015, Renascor raised $500,000 through a cornerstone investment placement to Acorn Capital on the same terms as offered under the Entitlement Offer.
The proceeds from the capital raising will be used primarily to accelerate drilling at iron-oxide, copper-gold (IOCG) targets defined within the Extension Tank prospect and other IOCG targets located within Renascor’s 100% Eastern Eyre project. A 1,500 metre reverse-circulation and diamond core drill program has commenced at Extension Tank, with results expected later this month.
The Renascor Board would like to express their thanks for the support of participants in the Entitlement Offer.
ACN 135 531 341 36 North Terrace, Kent Town, SA 5067 Phone: +61 8 8363 6989 • Fax: +61 8 8363 4989 1 Email: [email protected]
ASX code: RNU www.renascor.com.au
Details regarding Entitlement Offer
The Entitlement Offer included applications for 45,700,612 shares, comprising 14,200,612 shares under the retail portion and 31,500,000 shares under the institutional portion. Further, the joint underwriters Bizzell Capital Partners and PAC Partners have agreed to subscribe for at least 4,299,388 additional shares to cause to the aggregate amount to be raised under the Entitlement Offer to equal at least $1.0 million. The total entitlement eligible for subscription under the Entitlement Offer was 69,140,244, resulting in a shortfall of 19,140,244. Pursuant to the terms of the Entitlement Offer, Renascor reserves the right to issue the shortfall at its discretion at any time prior to 3 October 2015. Details regarding the subscriptions under the Entitlement Offer are provided below.
| ue the shortfall at its discretion at any time prior to 3 der the Entitlement Offer are provided below. |
October 2015. Det |
|---|---|
| Ineligible foreign shareholders entitlement | 29,500 |
| Eligible shareholders entitlement | 69,140,244 |
| _Less_institutional entitlement offer acceptance | 31,500,000 |
| _Less_retail entitlement offer acceptance | 14,200,612 |
| Shortfall | 23,439,632 |
| _Less_underwritten shares | 4,299,388 |
| Total shortfall | 19,140,244 |
Background information
Renascor Resources is an Australian-based company focused on the discovery and development of economically viable deposits containing copper, gold, uranium and associated minerals. Renascor has interests in projects in key mineral provinces of South Australia and the Northern Territory.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Renascor
Renascor Or Mr David Christensen Lead Managers Managing Director Mr Peter Wright +61 8 8363 6989 Bizzell Capital Partners [email protected] +61 7 3212 9200 [email protected]
Mr Craig Stranger PAC Partners
+61 3 8633 9831 [email protected]
ACN 135 531 341 36 North Terrace, Kent Town, SA 5067 Phone: +61 8 8363 6989 • Fax: +61 8 8363 4989 Email: [email protected]
ASX code: RNU www.renascor.com.au
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