details of rights issue

The details of the new Rights issue have been set out in the announcement released today and I guess for most shareholders the most important details are these:

"Under the rights issue two new shares in Pike will be offered for every 19 (approximately) Pike shares or options held at the record date , at a subscription price of $0.88 per share."

And it will all happen in early to mid May.

The whole deal about the placement etc should put PRC in a much firmer position and on track to getting into productive mining.