Subiaco-based Sultan Corporation Ltd has raised $2.4 million through a placement to help fund an exploration program for its zinc-copper deposit, as well as announcing a share placement plan for existing shareholders.
The full text of a company announcement is pasted below
Share Placement
The directors of Sultan Corporation Limited are pleased to announce a placement of 57 million shares at 4.2 cents per share to raise $2.39 million to be issued to sophisticated investors.
As a result of this placement, the Company will have a strong balance sheet comprising sufficient funds to undertake the planned exploration program including the drilling program for the John Fardy zinc-copper deposit, due to commence in September 2007.
Share Purchase Plan
The directors are also pleased to announce that in conjunction with the placement, the Company will be offering eligible shareholders the opportunity to acquire additional shares via a Share Placement Plan (SPP).
The SPP will provide shareholders who purchased shares on or before 30 July 2007 and are registered shareholders on 2 August 2007 with a registered address in Australia and New Zealand, the opportunity to subscribe for up to $4,200 worth of ordinary shares in the Company.
The SPP will close at 5pm on 17 August 2007.
The relevant documentation will be dispatched to shareholders in due course.
