Underwriting Commitment to Raise Additional AU$4.8M
Sydney, April 16, 2012 AEST (ABN Newswire) - Rum Jungle Resources Limited (
ASX:RUM) is pleased to announce it has received signed, unconditional agreements from two parties providing exclusive underwriting commitments to take up any of the 16,000,000 AU$0.30 options expiring on 31st May, 2012 which may not be taken up by any of the past or current Directors, which were issued prior to the ASX listing of RUM in May 2007.
The first party, Washington H Soul Pattinson and Company Ltd. (WHSP) has agreed to take up any shortfall on the condition they will have rights to acquire the first 8,000,000 shares in any shortfall by Directors. The priority entitlement agreed with WHSP has been endorsed by Farjoy Pty Ltd (Farjoy), the second party, who has committed to take up any of the remaining shortfall. Farjoy is a Sydney based privately owned investment company with substantial investments in many listed and unlisted mining ventures. Neither WHSP nor Farjoy have any links to Directors of RUM or their associates.
The Company is delighted that both these parties have demonstrated their willingness in supporting the company and possibly increasing their equity at this exciting time in the Company's progression forward with its fertilizer orientated projects in the Northern Territory.
The guaranteed input of an additional $4.8M in May will provide the company with a total working capital of around $15M, which will see it through completion of a feasibility study on its Ammaroo Phosphate project and provide a robust budget to advance the unique Karinga Playa Lake Potash Project, also in the NT.
About Verdant Minerals Ltd
Verdant Minerals Ltd's (ASX:VRM) strategic intent is to create shareholder value through the discovery, development and operation of fertiliser and industrial mineral projects, located in close proximity to existing transport infrastructure, with a primary focus on the Northern Territory of Australia.
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