13/11/2007 - 14:40

EQiTX raises $4m in placement, loan conversion

13/11/2007 - 14:40

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Recently re-invented Perth company EQiTX Ltd has raised $4 million through a placement and conversion of loans, the company has announced.

Recently re-invented Perth company EQiTX Ltd has raised $4 million through a placement and conversion of loans, the company has announced.

EQiTX, formerly a biotechnology company, signed a binding terms sheet with a consortium that will enable it to take a 70 per cent interest in three coal permits in Indonesia last month.

 

 

The full text of a company announcement is pasted below

12 November 2007: EQiTX Limited ("the Company") hereby advises shareholders that 7,000,000 fully paid ordinary shares, at a price of $0.10 per share, have today been allotted by the Company, raising $700,000 (before costs).

EQiTX has also raised $3.3 million (before costs) by way of converting loans to sophisticated investors. The converting loans will be converted to EQiTX shares on the basis of I share for every $0.10 of loan converted, assuming the conversion is approved by EQiTX shareholders at the upcoming Annual General Meeting (AGM). The AGM is scheduled for 30 November 2007.

Compliance notice under section 708 of the Corporations Act

The shares were issued without disclosure to investors under Part 6D.2, in reliance on Sections 708(8), (10) and (11) of the Corporations Act.

The Company, as at the date of this notice, has complied with:

(a) The provisions of Chapter 2M of the Corporations Act; and
(b) Section 674 of the Corporations Act.

An Appendix 3B in respect of the issue is attached to this announcement.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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