Institutional Share Placement & Share Purchase Plan
Sydney, Dec 2, 2013 AEST (ABN Newswire) - Rum Jungle Resources Limited (
ASX:RUM) is pleased to announce it has successfully completed a placement of 70,549,882 new shares at $0.14 per share to raise approximately $9.88 million from institutional and sophisticated investors.
The placement was strongly supported and oversubscribed by RUM's existing institutional shareholders and by new investors. Morgans Corporate Limited was Lead Manager to the placement.
In addition RUM announces a Share Purchase Plan offer (SPP) enabling eligible shareholders to subscribe for up to $15,000 in new shares at $0.14 per share. The indicative SPP timetable1 is as follows:
Record date: Friday 29 November 2013
Offer documents issued: Wednesday 11 December 2013
SPP offer closes: Wednesday 15 January 2014
SPP shares allotted: Friday 24 January 2014
Details of the SPP will be in the offer documents sent to eligible shareholders.
Funds raised from the placement and SPP will be used to facilitate the completion of pre-feasibility studies for both the Ammaroo phosphate project and the Karinga Lakes potash project during 2014. In addition to technical mining and processing studies and the objective of converting resources to reserves, environmental approvals, native title and land use agreements, commercial arrangements with rail and port operators and the engagement of the fertiliser mineral markets will be pursued.
RUM's Managing Director David Muller said he was delighted with the ongoing support of existing shareholders and welcomed new institutions to the Company. "This successful capital raising will support the Company's long term efforts to develop these projects and reach operational milestones."
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.
| ||
|
