from the announcement 12th May, 2008
"Capital Raising
As part of the process, RSL will be seeking to raise A$1.5 - 2.0 million through the issue of new shares at an issue price of $0.20 each (Capital Raising). The Capital Raising will take place pursuant to a "full form" prospectus.
The Company's major shareholder, Red Rock, has agreed to underwrite $1,100,000 worth of shares under the Capital Raising.
In order to raise funds at a minimum price of $0.20 per share, the Company will need to undertake a consolidation of its existing shares. The ratio of the consolidation has not been decided by the Board as yet and is likely to be finalised in the coming weeks after discussions are held with VARIOUS BROKERS/INVESTORS.
..........
Cheers,
Tangrams
consolidation of shares
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