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STREAMPLAY STUDIO LIMITED Capital/Financing Update 2006
65841_rns_2006-05-30_790d3c8f-08da-41ab-9a0e-3000861ee5f3.pdf
Capital/Financing Update
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Suite 34, 18 Stirling Highway, Nedlands WA 6009 PO Box 352, Nedlands WA 6909, Australia ABN 31 004 766 376 Tel: (08) 9389 8611 Fax: (08) 9389 8612 E-mail: [email protected] www.gippslanditd.com
31 May 2006
ASX-LSE Announcement
Media Release
IFC $2.7M EQUITY INVESTMENT IN GIPPSLAND
Gippsland Limited ("Gippsland" or "the Company") (ASX & AIM: GIP) today announces that pursuant to the Mandate announced on 7 March 2006, the International Finance Corporation1 ("IFC") has exercised its option to subscribe for 25 million new fully paid ordinary Gippsland shares at a price of $0.108 (approx £0.044) per share to raise $2.7 (approx. UK£1.1) million cash.
The 25 million shares issued to the IFC shall each have an attaching free unlisted option having an exercise price of A$0.135 (approx. UK£0.055) and a life of six years. Gippsland may require the IFC to exercise 12.5 million of these options in the event that Gippsland shares trade at a weighted average price equal to or greater than A$0.20 (approx. UK£0.081) for a period of 20 trading days, or relinquish the 12.5 million options.
The issue of the above securities was approved at the Extraordinary General Meeting of Gippsland shareholders held on 16 May 2006. Following this subscription, IFC will hold 10.69% of the ordinary share capital of the Company.
Gippsland Executive Chairman Jack Telford stated: "We are pleased to partner with IFC at this important stage in our development. The IFC's investment and vast international and industry experience will assist us in developing our tantalum, tin, and potential gold projects. It will also provide valuable quidance on community engagement and other mining development best practices. The exercise by the IFC of the option for $2.7 million represents strong testament to the quality of Gippsland's Eqyptian projects and the Company in general."
RJ (Jack) Telford Executive Chairman
For further information please contact:
Jack Telford Gippsland Limited www.gippslandItd.com Tel: +61 (0)8 93898611 [email protected] Laurence Read / Leesa Peters Conduit PR Tel: +44 (0)20 7429 6605 [email protected] [email protected]
Les Polden / Luke Cairns Hoodless Brennan Plc Tel: +44 (0)20 7538 1166 [email protected] [email protected]
Established in 1956, IFC (www.ifc.org) is part of the World Bank Group. The IFC is the largest multilateral source of loan and equity financing for private sector projects in the developing World where it promotes sustainable private sector development primarily by financing private sector projects, assisting private companies, financing in international financial markets whilst providing advice and technical assistance to businesses and governments. Its strong shareholder base, triple-A ratings, and the substantial paid-in capital base allows the IFC to raise funds for its lending activities on favourable terms in the international capital markets.