Share
CRP
30/11/2012 17:15
GENERAL
REL: 1715 HRS Chatham Rock Phosphate Limited
GENERAL: CRP: Share Purchase Plan
30 November 2012
Share Purchase Plan
Chatham Rock Phosphate has decided to offer a further share purchase plan
offer to Shareholders. The company has achieved several key milestones in the
year since its last share purchase plan offer and in order to maintain
operational momentum further capital is required.
The SPP will offer existing shareholders the opportunity to subscribe for up
to $15,000 of new shares at an issue price of $0.33 per share. The record
date for the plan is 14 December 2012.
The issue price of $0.33 per share represents a 17.5% discount to the market
price at the close of trading today and also represents the last price at
which Chatham Rock Phosphate completed private placements.
"Eligible persons" (as defined in the Securities Act 1978) are also entitled
to apply for any shortfall from the SPP at the issue price. The shortfall
shares will be of a number equal to the maximum number of shares offered
under the SPP less all the shares allotted under the SPP.
Capital raised will be applied:
- To refine our mining system design so we can start detailed designs early
in 2013.
- To complete our environmental consent application to submit as soon as the
Exclusive Economic Zone Regulations are completed.
- To further work on and receive our mining licence and marine consent.
- To undertake further feasibility studies on beneficiation of our rock
phosphate
- If required, to undertake further research work at sea
- To undertake the required work programmes for the Namibian exploration
licences applied for earlier this year.
The Company has generated a lot of momentum for its rock phosphate project
and we believe we remain on track to achieve our ultimate goal of going into
production on or before New Year 2015. The capital to be raised by this SPP
will play a vital role in ensuring the project maintains momentum and reaches
production stage in accordance with the current projected timeframes.
On behalf of the Board,
Chris Castle
Managing Director
Email: [email protected]
End CA:00230537 For:CRP Type:GENERAL Time:2012-11-30 17:15:14
