HIGHLIGHTS
* Placement commitments received for $3.2m equity raising to top 20 shareholders, funds, high net worth investors and Board and management.
* Placement demand significantly exceeds expectations, with Company targeting $2m, closing book and accepting oversubscriptions of $1.2.
* Raising completed to augment the Magna senior secured loan, accelerate the Phase Two wet beneficiation plant and improve future profitability.
* Board and management commit $407,000 as part of Placement.
* Phase Two wet beneficiation plant program continues with commissioning expect to commence in Q3 2016.
* Phase Two wet beneficiation plant expected to be cash flow positive by end Q4 2016.
* Offtake agreements already in place with India’s JSW Steel and BMM Ispat for Phase Two product.
* India, world’s fastest growing major economy at 7.6% GDP growth.
* Andhra Pradesh state on track for +14% growth for next 15 years as a result of building a new state.
*Board and management commit a further $407,000 as participation in the placement !!
Always good when management have plenty of skin in the game.
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- Ann: Significantly Oversubscribed Placement Commitments $3.2m
Ann: Significantly Oversubscribed Placement Commitments $3.2m, page-2
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