Share
- Release Date: 26/02/14 16:18
- Summary: GENERAL: CRP: Chatham advises financing strategy
- Price Sensitive: No
- Download Document 1.98KB
CRP
26/02/2014 14:18
GENERAL
REL: 1418 HRS Chatham Rock Phosphate Limited
GENERAL: CRP: Chatham advises financing strategy
Media Release
26 February 2014
Chatham Rock Phosphate advises financing strategy
As recently advised CRP Managing Director Chris Castle recently made a repeat
visit to London to meet UK based potential investors.
The visit proved to be successful.
Meetings were held with a number of investment groups that identified with
the project and who indicated their interest in investing by means of private
placement, subject to Chatham Rock Phosphate establishing a secondary listing
on the London AIM market.
Accordingly the CRP board has agreed to proceed with the AIM listing process,
which is expected only two to three months to complete (as there is no
associated public offering).
In order to maintain our existing momentum, including filing our marine
consent application (EIA) in the next few weeks, a decision has also been
made to make a very attractively priced rights issue to existing
shareholders. Details of this offer will be announced to shareholders on 14
March and the rights will be both renounceable and, subject to NZX approval,
tradeable on the NZAX market. Shareholders will also be entitled to apply for
shortfall from the offer in addition to their entitlement. It is also
intended to establish a panel of underwriters in order to ensure that the
issue is fully subscribed.
CRP holds a strategic, multi-million tonne organic rock phosphate deposit
uniquely positioned to access Asian and Australasian fertiliser markets. It
was granted a 20-year mining licence in 2013 and has recently applied for new
prospecting licences both east and west of its existing licence areas that
could significantly increase the scope of resources. The company is
currently finalising its Environmental Impact Assessment for its Marine
Consent application.
Contact Chris Castle on +64 21 55 81 85 or [email protected]
End CA:00247520 For:CRP Type:GENERAL Time:2014-02-26 14:18:34
