Ann: Payment Extension and Appendix 3B x 2 , page-14

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  1. 123 Posts.
    Just had another read of the 15 June announcement.

    The broker VRH is only underwriting up to 5mln shortfall, i.e. AUD500k, not fully underwriting it. Hence the worry on the part of MYG managment and the negotiated payment delay.

    NOTICE OF UNDERWRITING OF OPTIONS EXPIRING 30 JUNE 2011
    In accordance with ASX Listing Rule 3.11.3 Mutiny Gold Ltd (ASX:MYG), (?Mutiny? or ?the
    Company?) is pleased to announce that it has entered into an underwriting agreement with an
    unrelated party, Vennor Ross Holdings Pty Ltd (Underwriter), to underwrite the listed 10c options
    due to expire at 5.00pm (AEST) on 30 June 2011 (MYGO).
    The Underwriter will underwrite up to a maximum of 5,000,000 shortfall shares (being the
    underlying securities) resulting from unexercised MYGO options.
    The Underwriter will be paid an underwriting fee of 4% of the shortfall shares the Underwriter
    ultimately subscribes for (unknown until the MYGO options expire) and a 1% management fee of
    the underwritten amount ($5,000).
    The Board would like to encourage holders of the expiring options to exercise their options before
    the expiry date. It is an excellent opportunity to acquire shares in the Company without incurring
    brokerage or any other fees that apply to an on-market purchase.
    Managing Director, John Greeve, commented, ?The funds from the exercise of the options will
    further strengthen the Company?s balance sheet as we move towards gold production at Mutiny?s
    flagship Deflector project?.
    Further information concerning the current news and activities of Mutiny can be found at our
    website www.mutinygold.com.au.
    Company Background
    Mutiny Gold (ASX: MYG) is a diversified resourceer read of the 15 June announcement>

 
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