CRP
13/05/2015 14:41
ALLOT
PRICE SENSITIVE
REL: 1441 HRS Chatham Rock Phosphate Limited
ALLOT: CRP: Chatham Rock Phosphate: allotment announcement
13 May 2015
Chatham Rock Phosphate Limited: Allotment of Shares
Chatham Rock Phosphate Limited's (NZX: CRP) renounceable rights offer (Offer)
closed on Wednesday 6 May 2015.
CRP has issued 102,205,156 ordinary shares (Shares) existing shareholders at
an issue price of $0.006 per Share, in accordance with the terms of the
Offer.
The Offer raised approximately $613,000, which will be used to fund CRP's
continued operations and for a potential restructuring transaction later this
year (as previously disclosed in respect of the Offer). CRP is in discussions
with a number of qualified investors with a view to placing shortfall from
this Offer.
The issue was particularly well supported by New Zealand based shareholders,
but the almost universal lack of support from our major overseas shareholders
is concerning both to CRP and a very clear indication that many international
investors no longer consider the resources sector in NZ a viable investment
destination. The damage caused by the EPA's unexpected decision to decline
our Marine Consent application has much wider sovereign risk related
consequences than just its impact on CRP.
Additionally, CRP advises that it has issued 2,812,500 ordinary shares in
aggregate to three contractors of the Company (CRP-OCS Consulting Limited,
Robin Falconer Associates Limited and LJ Sanders Consulting Limited) in
accordance with their respective contracts for services and at an issue price
of $0.016 (Payment Shares). These Payment Shares represent partial payment
for services and the issue price reflects the 20 day volume weighted average
price of a share in CRP on the NZAX market to 31 March 2015.
Full details of the allotments are set out below.
For and on behalf of the Board,
Chris Castle
Managing Director
Class of security: Ordinary shares
ISIN: NZWENE0003S0 (Shares)
Number issued: 105,017,656 Shares
Issue price: $0.006 per Share (Rights Issue)
$0.016 per Share (Payment Shares)
Payment in cash: Yes
Fully paid: Yes
Percentage of class: 31.35%
Purpose of the issue: For working capital purposes
Authority for issue: Board resolution
Date of issue: 13 May 2015
Total number of securities on issue following allotment: 335,032,533 Shares
End CA:00264266 For:CRP Type:ALLOT Time:2015-05-13 14:41:26
