The Company has completed an initial placement to Socius of 234,962,406 new shares at an issue price of A$0.043 per share to raise US$10 million (before issue costs). The placement was completed at a premium of 12% to the closing price on 30 June 2011. In addition the Company has issued Socius with 117,481,203 unlisted 5 year warrant options at an issue price of A$0.044 representing a 15% premium to the closing price on 30 June 2011. A subsequent tranche will be completed with Socius at a price that will be determined at premium to the market share price at the time of draw down. The proceeds of the first tranche of the placement will allow the Company to increase its shareholding in Mashala from the current 64.1% interest to up to a maximum 83.3% interest. New York headquartered and privately held integrated capital markets and investment banking firm Madison Williams was the Company?s advisor and the Placement Agent for the transaction.
Wasnt the last issue at .05c? Is this progress.
So we dont need consolodation now to get cornerstone investors involved?
mmmmmmmmmmmmmmmmmmmmmmmm.
CCC Price at posting:
40.0¢ Sentiment: None Disclosure: Held
