re: Ann: Completion of Due Diligence and Noti...
From page 16. wasn't that hard to find!!!
4. RESOLUTION 3 ? ISSUE OF SHARES TO JEDI RESOURCES 4.1 General The Company has entered into a corporate services agreement with Jedi Resources Limited (a company incorporated in the British Virgin Islands) (Jedi)pursuant to which Jedi was engaged by the Company to assist it with identifying, negotiating and settling the acquisition of a suitable coal project in Indonesia (Corporate Services Agreement). The consideration for the provision of these services is 380,000,000 Shares in the capital of the Company. Resolution 3 seeks Shareholder approval pursuant to ASX Listing Rule 7.1 for the issue of those Shares. Jedi is not a related party of the Company.
ASX Listing Rule 7.1 provides that a company must not, subject to specified exceptions, issue or agree to issue more equity securities during any 12 month period than that amount which represents 15% of the number of fully paidordinary securities on issue at the commencement of that 12 month period. The effect of Resolution 3 will be to allow the Directors to issue the Shares during the period of 3 months after the Meeting (or a longer period, if allowed by ASX), without using the Company?s 15% annual placement capacity.
KRL Price at posting:
14.5¢ Sentiment: Buy Disclosure: Held