Junior explorer Hannans Reward has lodged its prospectus to raise $3 million by way of a rights issue to fund further gold and nickel exploration in Western Australia.
Junior explorer Hannans Reward has lodged its prospectus to raise $3 million by way of a rights issue to fund further gold and nickel exploration in Western Australia.
The issue has been fully underwritten by Hartleys Limited. The purpose of this capital raising is to fund continued exploration for gold and nickel at Sunday (near Leonora, WA), Queen Victoria Rocks (near Coolgardie, WA), Maggie Hays South (near Norseman, WA), Poona (near Cue, WA) and Jigalong (near Newman, WA). Hannans Reward is also pleased to welcome Hartleys as its corporate advisor and underwriter. Hartleys' participation as underwriter is a strong sign of support for Hannans Reward and its exploration projects. Full offer details are set out in the attached prospectus. Those shareholders on the register at 5pm on 22 November 2005 will be entitled to apply for 4 new shares for every 5 shares they own at that time. The price of each new share is 10 cents. A letter will be posted to all shareholders explaining the rights issue process and a prospectus will be distributed to shareholders on or about 28 November 2005. The proposed closing date for the issue is 7 December 2005. The Directors encourage you to consider the opportunities presented by the rights issue. As disclosed in the Section 8.5 of the prospectus recently appointed Director, Mr. Terry Grammer has entered into an agreement with Hartleys to sub-underwrite 3,712,500 shares offered pursuant to the Prospectus representing subscription monies of $371,250.
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