Atlantic has completed its purchase of the Windimurra vanadium project and the associated $55.5 million capital raising.
Atlantic has completed its purchase of the Windimurra vanadium project and the associated $55.5 million capital raising.
"Completion of the acquisition of the Windimurra vanadium project and the associated $55.5 million capital raising is a major step forward for Atlantic in its strategy of creating a new resources group with a diversified portfolio of world class resources projects," managing director Michael Minosora said.
"This successful capital raising is a strong endorsement of the Windimurra project and Atlantic's
plans to take full advantage of the existing infrastructure at site."
Atlantic will now immediately apply to the ASX for reinstatement of its shares.
See company statement below:
Atlantic Ltd (ASX: ATI, Atlantic) is pleased to announce the successful completion of the acquisition of 100% of the Windimurra vanadium project and the associated $55.5 million capital raising.
Managing Director Michael Minosora said that Atlantic was delighted with the quality of the
investors who had come onto the Atlantic register as a result of this raising and the acquisition of
the Windimurra vanadium project.
"Completion of the acquisition of the Windimurra vanadium project and the associated $55.5
million capital raising is a major step forward for Atlantic in its strategy of creating a new resources group with a diversified portfolio of world class resources projects," Mr Minosora said.
"This successful capital raising is a strong endorsement of the Windimurra project and Atlantic's
plans to take full advantage of the existing infrastructure at site.
"Our ongoing optimisation of the project has opened up opportunities to achieve an operating
cost structure that puts the project in the lowest quartile for vanadium miners when fully operational as well as add new revenue streams for the project.
"We are now focused on building the management team at Windimurra, appointing a construction
contractor to complete the development of the project with a view to achieving first production in
mid-2011 and raising debt to fund the completion of the project, all of which is well underway.
"We look forward to providing further updates on our progress in the near future."
As set out in the timetable in the prospectus dated 16 September 2010, Atlantic closed the
prospectus offers on 21 September 2010.
Following close of the offers, Atlantic issued and allotted the following securities on 22 September, 2010:
50,500,000 ordinary shares at an issue price of $1.10 per share to raise $55,550,000 in cash
before costs;
3,400,000 ordinary shares as consideration for the acquisition of an effective 10% interest in
Midwest Vanadium Pty Ltd; and
169,811 broker options on the terms set out in the prospectus.
Completion of the capital raising and the acquisition of the Windimurra vanadium project is a key
step for Atlantic to meet the requirements for reinstatement to trading on the Australian Securities Exchange (ASX).
Atlantic will now immediately apply to the ASX for reinstatement of its shares at the earliest
opportunity.
