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XREF LIMITED — Capital/Financing Update 2011
Feb 7, 2011
66097_rns_2011-02-07_37641da4-f53b-428a-86c7-1228d8167a82.pdf
Capital/Financing Update
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King Solomon Mines Limited ARBN 122 404 666 Unit 31, 2 Bishop Dunn Place East Tamaki, Manukau 2013, New Zealand Office (within Australia): 1 800 061 569 (outside Australia): +64 4 905 9608 Fax: +64 4 905 9607 [email protected] www.kingsolomonmines.com
8 February 2011
Companies Announcements Office Australian Securities Exchange
ISSUE OF SHARES UNDER PLACEMENT AND PROPOSED SHARE PURCHASE PLAN
The Board of King Solomon Mines Limited (ASX Code: KSO) is pleased to announce a placement of 20,427,446 fully paid ordinary shares at a price of $0.07 to raise $1,429,921.
The funds raised are for general working capital purposes, mainly in connection with exploring the Company’s exploration licences in Inner Mongolia. The Company plans an aggressive drilling program from next month at its principal projects in Inner Mongolia.
The placement was made to clients of broker Bell Potter Securities Limited and a number of other professional investors.
It is anticipated that an Appendix 3B for the issue of these placement shares will be lodged on 15 February 2011, after all the funds are received and the shares are issued.
KSO also intends to offer a Share Purchase Plan (SPP) to all shareholders of up to a maximum of 30% of the issued capital at the Record Date. If fully subscribed this would raise approximately $2.2 million through the issue of approximately 31.3 million shares at a price of 7 cents. Shareholders will be able to purchase up to $15,000 worth of shares under the SPP at a price of 7 cents per share, this being a 12.5% discount on the Company’s average share price over the last five days on which sales in the Company’s shares were recorded.
Documentation for the SPP will be released to ASX shortly. All shareholders on the register on 7 February 2011 (Record Date) will be entitled to participate in the SPP.
King Solomon Mines Limited
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Stephen McPhail Managing Director