West Perth based mineral exploration company Lachlan Star plans to issue 300 million new shares at three cents per share in an effort to raise $9 million.
West Perth based mineral exploration company Lachlan Star plans to issue 300 million new shares at three cents per share in an effort to raise $9 million. The placement will be made in two parts, the first aiming to raise $3 million and the second the remaining $6 million, in an effort to fund the acquisition of the Holfontein Coal Project in South Africa.
Full announcement below:
Lachlan Star Limited is pleased to announce completion of a placement of 300 million new shares at 3 cents per share to raise $9 million to fund the acquisition of the Holfontein Coal Project, South Africa. The placement was made to institutional and sophisticated investor clients of Euroz Securities Limited. The placement will be made in two tranches. Tranche one will comprise 100 million shares to raise $3 million utilising the Company's 15% capacity under the ASX Listing Rules. Tranche two will comprise 200 million shares to raise $6 million, subject to shareholder approval at an Extraordinary General Meeting (EGM) expected to be held on 18 June 2008. The Company will shortly lodge and despatch to shareholders a notice for the EGM.
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