Originally posted by ASX News
Good stuff - around 60.5c!
"Consolidated Tin Mines Limited (ASX:CSD) or the (‘Company’) wishes to advise that a targeted private placement (‘Placement’) to Wealth Pointer Global Limited, raising AUD 20,999,999.52 before transactional costs has now been agreed.
Wealth Pointer Global Limited is associated with Zhongrong International Trust Co. Limited, which is a leading intergrated financial service providers based in China. For additional information on Zhongrong International Trust Co. Limited, please visit their website: www.zritc.com/ZRTEN/
The Share Subscription Agreement with the Hong Kong-based investor is for the issue of 34,710,743 ordinary shares at a price of $0.605 per share. Upon issue, the Subscription Shares will represent 5.99154% of the issued capital of the Company and rank equal, in all respects, with existing ordinary shares in the Company.
The Placement is subject to conditions, including finalisation of due diligence by Wealth Pointer Global Limited by 30 June 2019 and execution of a loan conversion agreement between Cyan Stone Pty Ltd and the Company in relation to the loans provided by Cyan Stone Pty Ltd. The Share Subscription Agreement allows Wealth Pointer Global Limited to waive these conditions.
The Company is targeting completion of the placement within four to six weeks and is currently progressing the development of a prospectus that will cleanse the Company’s securities once issued.
The new shares will be issued pursuant to the Company’s existing placement capacity under ASX-listing rule 7.1 and, therefore, does not require shareholder approval for the placement of the shares.
Announcing the Share Subscription Agreement execution, CSD Managing Director Ralph De Lacey said: "We are pleased by the strong support that Wealth Pointer Global Limited has shown in CSD and our planned growth strategy and future objectives." "
