Placement proposed at $0.10, current sp $0.09.
Cheers
SBC
========
The Board of Directors of Rey Resources Ltd (“the Company”) has resolved to make a placement of shares in accordance with ASX Listing Rule 7.1 to sophisticated investors and issue a maximum of 10.5 million shares at 10 cents each to raise $1.05 million dollars.
The funds raised will be applied to working capital and to commence second stage drilling at the Company’s Liveringa coal prospect in Western Australia.
An appendix 3B will be forwarded to the Australian Stock Exchange when the issue is completed.
In conjunction with the above placement the Company will undertake a Share Purchase Plan which will give all Australian and New Zealand shareholders an opportunity to participate in the growth of the Company. Directors will offer each shareholder at the
record date, through a Share Purchase Plan, between $2000 and $5000 of shares in the Company. The record date is expected to be in September 2007. The Company is not required to prepare a prospectus for this offer.
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