09/11/2007 - 12:03

Heritage Gold NZ to raise $1.6m in rights issue

09/11/2007 - 12:03

Bookmark

Upgrade your subscription to use this feature.

West Perth-based Heritage Gold NZ Ltd will raise around $1.6 million through an issue of rights on a one for seven basis, raising funds to advance exploration of the company's gold tenements in Australia and New Zealand.

Heritage Gold NZ to raise $1.6m in rights issue

West Perth-based Heritage Gold NZ Ltd will raise around $1.6 million through an issue of rights on a one for seven basis, raising funds to advance exploration of the company's gold tenements in Australia and New Zealand.

 

 

The full text of a company announcement is pasted below

Further to its announcement on 29 October 2007, Heritage Gold NZ Limited today announced a one for seven prorata
renounceable rights issue of up to 35,650,415 new ordinary shares (New Shares) and up to 17,825,207 free
attaching options (New Options) which will be granted on the basis of one option for every two New Shares issued.

The rights issue would raise approximately NZ$1.925 million and will be offered to all shareholders with a registered
address in New Zealand or Australia on the register at 5pm (New Zealand time) on 22 November 2007.

AU$0.045 or NZ$0.054 will be payable for subscription for the New Shares. There is no minimum application
amount.

AU$0.08 (or the New Zealand dollar equivalent determined by the Directors) will be payable to convert each New
Option to one fully paid ordinary share in the Company. Options may be exercised in the period up to 20 November
2009.

Applications for New Shares and New Options will close at 5pm (New Zealand time) on 20 December 2007.

The funds raised will be applied towards:

  • advancing exploration of the Company's key gold tenements held at Waihi and Karangahake;
  • preliminary exploration of the base metal permits in Northland, New Zealand;
  • preliminary exploration of the exploration licences in the Dunmarra Basin of the Northern Territory, Australia; and
  • providing working capital for the Company.

The Company is in the course of finalising formal documentation for the issue, and further details will be advised
nearer to the record date.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options