Perth-based Westgold Resources NL will raise up to $4 million through a share purchase plan to raise funds for exploration of the company's Copper-Gold-Iron Oxide Rover project in the Northern Territory.
The full text of a company announcement is pasted below
Westgold Resources is pleased to announce an offer to all existing shareholders to participate in the Company's Share Purchase Plan to raise funds to continue exploration and drilling at Westgold's highly prospective Rover project, near Tennant Creek in the Northern Territory.
The shares are being offered at a price of $0.30 per share, to all Westgold shareholders registered on the Record Date of 14 March 2007. The price is a 15.5 per cent discount to the volume weighted average share price over the previous 10 trading days. The offer is scheduled to close on 12 April 2007, and the maximum number of shares to be issued is 13,333,333. The full terms and conditions of the offer, including an acceptance form, will be mailed to shareholders on or about 19 March 2007. Shareholders intending to participate are encouraged to submit their application as soon as possible, in case of oversubscription.
Concurrently with the SPP, Westgold will also be exercising the power under its constitution to conduct an Unmarketable Parcel Sale. Holders of a parcel of shares worth less than $500 as at the Record Date, who elect not to participate in the SPP, will be able to have their shares sold for them at no cost.
