07/11/2007 - 14:55

Lodestar to raise $5m in priority issue ahead of listing

07/11/2007 - 14:55

Bookmark

Save articles for future reference.

Dioro Exploration NL subsidiary Lodestar Minerals Ltd, which holds nickel rights over the parent company's Penfolds project, has announced plans to raise $5 million through a priority issue, ahead of listing on the Australian Securities Exchange.

Lodestar to raise $5m in priority issue ahead of listing

Dioro Exploration NL subsidiary Lodestar Minerals Ltd, which holds nickel rights over the parent company's Penfolds project, has announced plans to raise $5 million through a priority issue, ahead of listing on the Australian Securities Exchange.

 

 

The full text of a company announcement is pasted below

Dioro Exploration NL (Dioro) previously advised that it has transferred the nickel rights over the Penfolds project to its wholly owned subsidiary Lodestar Minerals Limited (Lodestar) for total consideration of 25,000,000 fully paid ordinary shares in Lodestar, with a deemed issue price of 20 cents per share. Shareholders on 12 October 2007 approved the pro-rata in specie distribution of the 25,000,000 Lodestar shares to Dioro shareholders. This distribution has occurred, and shareholders will shortly be advised of their holding in Lodestar.

Lodestar is now seeking to raise $5,000,000 by way of the issue of 25,000,000 shares at 20 cents each, as a prerequisite to listing on the ASX. The issue is fully underwritten by DJ Carmichael Pty Limited. As previously advised Lodestar is offering a priority of up to 20,000,000 shares in the issue to Dioro shareholders.

Lodestar has set the priority entitlements date as 5.00pm WST on Monday 12 November 2007. Shareholders of Dioro at this entitlement date will receive a priority offer to subscribe for Lodestar fully paid ordinary shares at 20 cents each. Dioro shareholders entitlement will be pro-rata to their holding in Dioro at 5.00pm WST on 12 November 2007.

An entitlement application form and a Lodestar prospectus will be despatched to Dioro shareholders shortly.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options