[Source: www.proactiveinvestors.com.au]
Horseshoe Metals secures partial underwriting of $1.17M capital raising from Azure Capital
Thursday, June 27, 2013 by Proactive Investors
Horseshoe Metals (ASX:HOR) has secured partial underwriting from Azure Capital of its proposed capital raising of up to $1.17 million, the funds from which will be used for follow up exploration including geophysical survey work and drilling at its Horseshoe and Kumarina projects in Western Australia.
Earlier in the month the Horseshoe Lights Project delivered a 40% increase in the high grade copper resource, and now hosts a resource of 12.85 million tonnes at 1.00% copper, and 0.1g/t gold for 128,600 tonnes of contained copper and 36,000 gold ounces.
The rights issue is offered on a 1 for 5 basis at $0.07 per share with the record date of 5 July 2013. It has already successfully placed 7,857,000 new shares at $0.07 to raise $549,990.
The offer is partially underwritten by Azure for up to $295,160, which is about 25% of the offer raising.
The issue is being sub-underwritten by company officers including its Non-Executive Director Michael Fotios and/or his nominees, providing support as sub-underwriters to Azure, for any shortfall up to $267,385.
$150,010 of this sub- underwriting is provided in lieu of a placement to Michael Fotios of 2,143,000 shares at 7 cents per share.
The offer closes on 26 July and shares will be allotted on 2 August 2013.
Ends.
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