Ann: Rights Issue - Notification of Under Subscri, page-2

re: Ann: Rights Issue - Notification of Under...
Looks like only 9 mill extra shares were taken up out of the shortfall.

So ECE now gets more I take it, and @ 40 cents? Doesnt sound right, but lets hope there is no need for YA??

TCG


Rights Issue Notification of Under Subscriptions
21st November 2008. In accordance with Appendix 7A of the ASX listing rules Arafura Resources Limited (ARU) provides the following information in relation to Shortfall Shares from the Rights Issue;
The 3 for 5 Rights Issue closed on New Shares offered under the Rights Issue 94,319,893
New Shares issued to Eligible Shareholders 26,933,989
Shortfall Shares from Rights Issue 67,385,904
The amount of $7,541,517 was raised through the Rights Issue.
15th October 2008, and in accordance with Section 1.3 of the Prospectus, the Directors reserved the right to issue any New Shares which were not taken up by Eligible Shareholders. The following information is now provided:
Pursuant to the prospectus dated Shortfall Shares from Rights Issue 67,385,904
New Shares issued from Shortfall 9,047,157
The amount of $2,533,204 (before costs) has been raised by placing the shortfall shares and holding statements are being despatched to Shareholders today.
The limited capital raised through this rights issue is a reflection of the extreme financial difficulties being experienced throughout the world.
Foreign investment initiatives, such as those driven by the Northern Territory Government in promoting resource investment from China, therefore play an extremely important role in ensuring sufficient capital is available for Australian companies such as Arafura, when other sources are highly restricted or reluctant.