here are the details - note last paragraph

$10 Million Aggregate Share Placement and Purchase Plan The Board of Directors of Intec Ltd (ASX code: INL or ‘the Company’) is pleased to advise that the Company has agreed to carry out a placement of 55 million INL shares at a price of $0.11 per share, to raise $6.05 million before costs (the Placement). The Placement will be made to ‘excluded offerees’ in the context of Section 708 of the Corporations Act 2001, being clients of stockbrokers that are Market Participants in the ASX Group. A placement fee of 5% will be paid to these stockbrokers. An indicative timetable for completion of the Placement is set out below. Friday, 5 May 2006 Receipt of Placement share application forms and clearance of funds. Monday, 8 May 2006 Issue and allotment of Placement shares, Appendix 3B New Issues Announcement and Section 708A Notice. Wednesday, 10 May 2006 Commencement of trading in Placement shares. The Placement represents approximately 12.73% of the Company’s shares presently on issue and, as such, shareholder approval is not required pursuant to Chapter 7 of the ASX Listing Rules. In addition to the Placement, the Company proposes to make a Share Purchase Plan (SPP) offer to existing INL shareholders, at a price of $0.11 per share (the SPP). The SPP will allow all of the Company’s shareholders (as at the defined record date of Friday 5 May 2006) to acquire additional INL shares to a maximum value of $5,000.00 each (i.e. 45,455 shares each) direct from the Company and without brokerage or stamp duty costs. The SPP will be capped at a maximum aggregate raising of $3.95 million and, in the event that the SPP is oversubscribed, applications will be dealt with on a first-come, first-served basis. Larger existing INL shareholders may contact the Company in order to co-underwrite the SPP up to a maximum aggregate amount of $1,076,778. Although INL Directors are unable to participate in either the Placement or co-underwriting of the SPP without shareholder approval, all of them will be taking up their maximum SPP entitlements. An indicative timetable for completion of the SPP is set out below.
Friday, 5 May 2006 5.00pm Australian Eastern Standard Time Record date to participate in the SPP. Monday, 8 May 2006 Posting of SPP documents to eligible shareholders. Friday, 26 May 2006 SPP closes. Thursday, 1 June 2006 Issue and allotment of SPP shares, Appendix 3B New Issues Announcement and Section 708A Notice. Friday, 2 June 2006 Commencement of trading in SPP shares. The funds to be raised through the Placement and the SPP (assuming full subscription to the maximum aggregate amount of $10 million) will bring the Company’s cash at bank (net of trade creditors and capital raising costs) to approximately $11.3 million. These monies will be used to: (a) retire all bank debt totalling $4.8 million; (b) complete operations of Burnie demonstration plant through to 30 June 2006; (c) complete WorleyParsons bankable feasibility study for the Hellyer Metals Project; (d) progress Hellyer Metals Project financing with Macquarie Bank; and (e) provide working capital for the Company’s Sydney- and Tasmania-based operations through to substantial positive cash flow before end-2006 from the Polymetals bulk zinc concentrate joint venture.