08/05/2008 - 10:17

Lachlan Star to raise $9m for S.African exploration project

08/05/2008 - 10:17

Bookmark

Upgrade your subscription to use this feature.

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.

Lachlan Star to raise $9m for S.African exploration project

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.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options