Key Points
Entitlement Offer
The Offer is available to all shareholders with registered addresses in Australia and New Zealand and provides the opportunity to subscribe for 1 New Share for every 5 shares held at an offer price of $0.008 per New Share. The proceeds from the Offer (assuming it is fully subscribed) is proposed to be allocated in the following manner:
However, in the event that circumstances change, or other better opportunities arise the Directors reserve the right to vary the proposed uses to maximise the benefit to Shareholders.
Additional Entitlement Offer details
New Shares issued under the Offer will rank equally with existing shares on issue and the Company will apply for official quotation of the New Shares. Option-holders are not entitled to participate in the Offer without first exercising their options to be registered as a shareholder (in Australia and New Zealand) on the Record Date, in accordance with the terms and conditions of the options.
The Company will welcome applications for shareholders to apply for New Shares in addition to shareholders’ existing entitlements and will retain the right to place the Shortfall on the same terms in the three months following the completion of the Offer.
The proposed timetable for the Offer is as follows:
The Board of the Company has authorised the release of this announcement to the market.
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