Corporate finance deals Mar 4 to 8 2019

Eon NRG is pleased to announce that the Company’s rights issue, as detailed in the Prospectus dated 6 February 2019, has been well supported by Eon’s shareholders and new investors and is now closed having raised total of ~$2.544 million before costs.

Orminex is pleased to advise that it has entered into an agreement to acquire 100% of the Penny’s Find Gold Mine located 50km northeast of Kalgoorlie in Western Australia. The Company has signed a binding term sheet with Empire Resources to acquire Penny’s Find for staged cash payments totalling A$600,000 and a net smelter royalty, subject to detailed documents being executed over the coming weeks and all necessary approvals being obtained.

Norwood Systems is pleased to announce a capital raising comprising the placement of a $300,000 convertible note and a $1.1 million fully underwritten renounceable entitlement issue

Hot Chili advises that a total of $926,218 has been raised pursuant to the 2 for 7 non-renounceable offer announced 6th February 2019. Total New Shares applied for was 92,621,777 representing a take-up of 42% of the $2.2 million rights issue. Major shareholders representing 52% of Hot Chili’s shareholder base, did not take up their rights, given their full pro-rata support of an initial and parallel $1 million private placement, as announced to ASX on 2nd February 2019. This has provided the Company with a shortfall component of 129,076,160 shares, which the Company intends to place to sophisticated and professional investors, to raise up to approximately $1,290,762.

The renounceable pro-rata rights offer made to shareholders of Eden Innovations who were on the register as at 5:00pm WST on 15 February 2019 pursuant to a prospectus dated 11 February 2019 closed on 4 March 2019. The Offer was partially underwritten by Patersons Securities Limited to $5m. Upon completion of the Offer the amount raised will be $6,108,677 (before costs) taking the total amount raised to $7,527,677 (before costs) inclusive of the Placement of $1,419,000 announced on 31 January 2019.

Latin Resources is pleased to advise the Share Purchase Plan announced on 31st January 2019 closed on Monday, 4th March 2019. The Company has today issued 261,550,000 new shares following receipt of applications totalling $523,100.

Aruma Resources advises it has completed the Placement announced on the 22nd February 2019, raising a total of $540,900 at a price of 0.6 cents per share, including a $105,000 commitment from Directors. Aruma is also pleased to offer existing eligible shareholders the opportunity to participate in a Share Purchase Plan on the same terms as the Placement. The SPP will raise up to $600,000 through the issue of up to 100 million fully paid ordinary shares at 0.6 cents per share. The SPP will be undertaken on a “first come - first served” basis at the discretion of the board of directors.

Kula Gold has agreed to sell all its rights and interests in the Woodlark Gold Project  to Geopacific Resources. Subject to requisite shareholder approvals of both companies (including Kula shareholder approval under ASX Listing Rules 11.2 and 10.1), Kula will dispose of its interest in Woodlark in return for receiving 150M Geopacific shares, and an estimated $0.7M cash from Geopacific concurrent with cancelling all of Geopacific’s existing 85% shareholding in Kula. Kula will immediately apply the cash to repay its then-estimated $0.68M loan from Geopacific. Kula intends to ultimately distribute the Consideration Shares pro-rata to its shareholders once Geopacific’s Kula shares are cancelled. Kula will cease to be a subsidiary of Geopacific and pursue new opportunities. On completion of the Proposed Transaction Messrs Heeks and Smith will both retire from the Kula board. The Company does not expect to appoint any further directors at this stage.

Shree Minerals entered into an option to acquire the Golden Chimney Project from Carmichael Prospecting Company Pty Limited on 4 October 2018 The consideration is via a share based payment of 9,000,000 ordinary shares.