AuDAX Resources Limited (ASX:ADX) Announces Non-Renouceable Rights Issue
Perth, May 4, 2010 AEST (ABN Newswire) - AuDAX Resources Ltd (
ASX:ADX) (PINK:ADXRF) is pleased to announce that it intends to proceed with a pro-rata non-renounceable rights issue of one fully paid ordinary share in the Company (Share) for every six Shares held by shareholders at an issue price of A$0.15 per Share to raise approximately A$7,230,760 together with one free new option to acquire a Share for every two new Shares issued exercisable at A$0.25 on or before 31 March 2011 (Rights Issue).
The Rights Issue will be fully underwritten by Veritas Securities Limited. A prospectus relating to the Rights Issue (Prospectus) will be sent to eligible Shareholders on 13 May 2010.
The record date for determining the entitlement of shareholders to participate in the Rights Issue is 5.00pm (WST) on 12 May 2010. The Rights Issue will open on 13 May 2010 and the closing date for receipt of applications for securities pursuant to the Rights Issue is 5.00pm (WST) on 28 May 2010 (unless extended by the Company).
The Rights Issue is intended to proceed in accordance with the following timetable:
-----------------------------------------------------Event Date Date-----------------------------------------------------Lodgement of Prospectus with ASIC 3 May 2010-----------------------------------------------------Notice sent to shareholders 5 May 2010-----------------------------------------------------Ex date 6 May 2010-----------------------------------------------------Record date for determining shareholder entitlements 12 May 2010-----------------------------------------------------Prospectus despatched to shareholders/opening date 13 May 2010-----------------------------------------------------Closing date of Rights Issue* 28 May 2010-----------------------------------------------------Securities quoted on a deferred settlement basis** 31 May 2010-----------------------------------------------------Notify ASX of under-subscriptions** 3 June 2010-----------------------------------------------------Despatch date/securities entered into shareholders' security holdings** 8 June 2010-----------------------------------------------------
* Subject to the ASX Listing Rules, the Directors reserve the right to extend the closing date for the Offer at their discretion. Should this occur, the extension will have a consequential effect on the anticipated date of issue of the securities.
** These dates are indicative only.
Use of Proceeds
The Rights Issue will raise approximately A$7,230,760 before costs (assuming the Rights Issue is fully subscribed or that any shortfall is placed by the underwriter). It is intended that these funds will be used to fund the drilling costs associated with two programmed wells in Tunisia, 3-D seismic acquisition costs, geotechnical studies in Romania, new venture evaluation costs and working capital.
For the complete AuDAX Resources annoucenment, please click the following link:
http://www.abnnewswire.net/media/en/docs/62795-ASX-ADX-490051.pdf
About ADX Energy Limited
ADX Energy Limited's (
ASX:ADX) (OTCMKTS:ADXRF) is an Australian Stock Exchange (ASX) listed International Energy Explorer which is soon to become a Producer. The Company's Geographical focus is Onshore Europe and Offshore Mediterranean with a portfolio consisting of recently acquired Production as well as Appraisal, Development and Exploration Assets. ADX's interests are located in Romania, Italy, Tunisia and most recently Austria. The Company's immediate focus is on low cost, low risk, profitable resource commercialisation opportunities onshore and higher cost higher reward offshore projects in the longer term. The Company is headquartered in Perth, Western Australia with additional operating offices in Bucharest (Romania) and soon to be Vienna (Austria). The Company also has representative offices in Italy and Tunisia.
ADX Energy's vision is to establish a stable cash producing platform onshore Europe and develop a number of rapid resource to reserves opportunities as well as low risk exploration potential with access to infrastructure in favourable fiscal and operating environments.
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