21/04/2008 - 09:41

Midas to raise $3m via renouceable rights issue

21/04/2008 - 09:41

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Subiaco based Midas Resources Ltd aims to raise $3 million through a renounceable rights issue to continue the company's active exploration programs and for working capital.

Subiaco based Midas Resources Ltd aims to raise $3 million through a renounceable rights issue to continue the company's active exploration programs and for working capital.

The issue, of approximately 50.2 million new shares and 50.2 million new options will be offered to eligible shareholders under the rights issue.

The rights issue offers two new shares each with a free attaching option for every seven shares held on the record date (5:00 pm WST on 2 May 2008) at an application price of 6 cents per share.

The free attaching options will have an exercise price of 10 cents and expire three years after the issue date.

The Company will apply for the quotation of new shares and options on ASX.

The rights issue is fully underwritten by Patersons Securities Limited and Midas has incorporated a top up facility whereby eligible shareholders may apply for additional shares and the free attaching options in excess of their entitlement at the issue price.

Additional shares and free attaching options will only be available to the extent that other eligible shareholders do not take up their entitlements.

The Rights Issue is renounceable, which allows shareholders who do not wish to take up all of their entitlement to sell some or all of it.

A total of approximately 50.2 million new shares and 50.2 million new options will be offered to eligible shareholders under the Rights Issue.

Rights to subscribe for new shares are tradeable on ASX from 28 April 2008 until
14 May 2008.

The Rights Issue is to shareholders with registered addresses in Australia and New Zealand only.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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