CRP
30/10/2014 14:28
GENERAL
REL: 1428 HRS Chatham Rock Phosphate Limited
GENERAL: CRP: Extension of exercise period for CRPOB listed options
30 October 2014
Extension of exercise period for CRPOB listed options
The Board of Chatham Rock Phosphate Limited (NZX: CRP) has resolved to extend
the exercise period of its listed $0.688 CRPOB options (Options) in
accordance with their terms of issue.
The exercise period for the Options commences 15 business days after CRP has
been issued a marine consent from the Environmental Protection Authority over
its Chatham rise project (Marine Consent). Prior to the Board resolving to
extend the exercise period, the exercise period ended on the date that is 3
months after the Marine Consent has been granted.
The extension is for an additional nine month period meaning that the
exercise period will now end on the date that is 12 months following the date
the Marine Consent is granted.
The Marine Consent is the critical regulatory hurdle that CRP needs to able
to commence its proposed mining operations on the Chatham Rise. The Marine
Consent hearing process is ongoing and a decision is expected at the end of
this year. CRP believes the hearing has been proceeding well and remains
optimistic as to its outcome.
CRP's share price significantly depreciated over recent weeks principally due
to a market misconception created by the EPA staff report. More recent
volatility is due to a combination of positive announcements and ongoing
capital raising initiatives.
The Board is of the view that the extension of the Exercise Period is in the
best interests of CRP in order to give a longer period for the share price to
recover and stabilise if the Marine Consent is granted. This will give option
holders a greater opportunity to see the share price exceed the exercise
price of the options with a view to promoting the exercise of the Options and
providing the Company additional working capital.
For these reasons the Board has exercised its discretion under the terms of
issue of the options to extend the exercise period by nine months.
For further information, please contact:
Chris Castle
Chief Executive
Email: [email protected]
End CA:00257007 For:CRP Type:GENERAL Time:2014-10-30 14:28:46
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