19/10/2007 - 14:38

Pharmanet aims to raise $1.5m in SPP

19/10/2007 - 14:38

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Leederville-based Pharmanet Group Ltd has launched its $1.5 million share purchase plan, offering subscriptions of up to 333,334 shares at 1.5 cents each to existing shareholders.

Pharmanet aims to raise $1.5m in SPP

Leederville-based Pharmanet Group Ltd has launched its $1.5 million share purchase plan, offering subscriptions of up to 333,334 shares at 1.5 cents each to existing shareholders.

The company plans to use the funds raised on research and development activities.

 

 

The text of a company letter to shareholders is pasted below

The Directors of Pharmanet Group Limited ("Company") are pleased to offer to shareholders the opportunity to participate in the Company's Share Purchase Plan. The plan entitles eligible shareholders of the Company to apply for up to $5,000 worth of fully paid ordinary shares in the capital of the Company, free from all brokerage and commissions.

This will allow all shareholders including those with unmarketable parcels the ability to gross up their position and participate in an issue at the same price as the placement announced on 28 September 2007 while assisting the Company in raising general working capital.

Accompanying this letter is a document entitled 'Share Purchase Plan Terms and Conditions' which explains how the new shares will be issued should you participate in this offer. Also included is a personalised application form which you need to complete in accordance with the instructions provided and return to Security Transfer Registrars Pty Ltd's office with payment, in the reply paid envelope, so that it is received no later than 5.00pm WST/WDT on 9 November 2007.

The Share Purchase Plan will open on 16 October 2007 for a period of 25 days with shareholders registered as at the close of business on 15 October 2007 eligible to participate in the offer.

Shareholders can apply for up to 333,334 shares at a price of $0.015 per share ($5,000) I hope that you will give favourable consideration to this offer as a convenient means of increasing your holding in the Company. This will provide the Company with working capital as the company continues to move forward.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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