Mineral Securities Ltd has completed the first stage of an excluded placement to raise $21.3 million to be mainly used to settle it's additional investment in Platmin Ltd.
Mineral Securities Ltd has completed the first stage of an excluded placement to raise $21.3 million to be mainly used to settle it's additional investment in Platmin Ltd.
At market close, Mineral Securities share price fell 3 cents to $1.30.
Below is the full announcement:
Further to the announcement on 8 March 2006, Mineral Securities Limited ("Minsec" or "the Company") is pleased to announce that it has completed the first stage of the excluded placement of 18.5 million shares at $1.15 per share to raise $21,275,000 ("the Securities"). The excluded placement is to local and overseas institutional investors. The funds will be used predominantly to settle the Company's additional investment in Platmin Limited.
The placement utilises the placing capacity of 12 million shares as approved by shareholders at the General Meeting of the Company held on 27 February 2006. The balance of the shares issued is under the Company's ASX Listing Rule 7.1 capacity.
The remaining 5 million shares to be issued pursuant to the placement are subject to shareholder approval planned late April 2006.
Following the approval by shareholders at the General Meeting held 27 February 2006, the Company has also issued 325,000 listed options to Haywood Securities Inc in the same class as the existing listed options ("the Options") (ASX:MSXO).
Appendix 3B and Secondary Trading Exemption
Please find attached Appendix 3B in relation to the issue of the Securities and Options. In addition, the
Company hereby notifies the Australian Stock Exchange under paragraph 708A(5)(e) of the Corporations Act that:
(a) the Company issued the Securities and Options without disclosure to investors under Part 6D.2 of the Act;
(b) as at 23 March 2006, the Company has complied with the provisions of Chapter 2M of the Act as they apply to the Company, and section 674 of the Act, and
(c) as at 23 March 2006 there is no information:
i. that has been excluded from a continuous disclosure notice in accordance with the ASX
Listing Rules, and
ii. that investors and their professional advisers would reasonably require for the purpose of making an informed assessment of:
the assets and liabilities, financial position and performance, profits and losses and prospects of the Company, or
the rights and liabilities attaching to the Securities and Options.
For further information, please contact the undersigned on (08) 9221 7466.
