Notice the ammended terms to the previously announced share palcement...
SHARE PLACEMENT The Directors of Echelon Resources Limited (“Echelon” or “Company”) advise that the Company will make a sophisticated investor placement of 2.5 million shares at $0.45 each to clients of Paterson Securities and Fosters Stockbroking Pty Ltd.
This placement is in lieu of the placement of 4.0 million shares at $0.27 each announced on 28 June 2005.
Proceeds of the issue will be used for working capital, business development and exploration activities on existing projects.
The Company also advises that following the decision not to proceed on the acquisition of iron ore tenements from Heron Resources it will also not proceed with the associated placement of 11.2 million shares at $0.27 each.
Cheers!
ECH Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
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