04/09/2008 - 12:35

Gladiator shares soar on $1m raising

04/09/2008 - 12:35

Bookmark

Upgrade your subscription to use this feature.

Shares in Leederville-based Gladiator Resources Ltd have surged over 46 per cent on a proposal by directors to raise over $1 million to advance exploration programs and acquisitions.

Shares in Leederville-based Gladiator Resources Ltd have surged over 46 per cent on a proposal by directors to raise over $1 million to advance exploration programs and acquisitions.

The company said today it had entered into an agreement with Azure Capital Pty Ltd to be lead manager to the proposed share placement of up to 30 million shares at an issue price of 3.6 cents each.

Gladiator plans to allocate $200,000 towards exploration on existing projects, $300,000 for project acquisitions and $508,000 for working capital.

The mandate to Azure is on standard commercial terms and includes a completion figure of 6 per cent of the funds raised with the ability for Azure to elect to be paid their fee in cash or shares at the placement price.

In addition Azure will be granted 2 million unlisted options exercisable at 6.5 cents with a 3 year expiry from the date of issue.

The share placement is subject to shareholder approval with a meeting scheduled for early October.

Shares in the Gladiator soared 46.3 per cent or 1.9c to 6c at 14:56 AEST.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options