An International Investment bank, with an office in HKG. This week, they were offered a piece (not sure how large) of $25m in ordinary CCC shares "at between 5.5 and 6.5 cents".
The offer documentation refers to the $35m paid for 62%, with the remainder to be acquired within 12months. (USD25m would be the amount needed to finalise that and fund development of existing assets).
The offer states that the current number of shares at time of offer as 2.1b.
The email Rizzo received was quite different to mine (see below) and provided another piece of the puzzle that I didn't get; that was the bit about needing to go back to shareholders in November.
Rizing's email that he received from his broker on Thursday 14/10....
"CCC is seeking to raise approximately $20 million through a two tranche placement of 312.5 million shares at 6.4 cents per share. Approximately 200 million shares will be issued up front and approximately 112.5m shares will be issued subject to shareholder approval at a meeting scheduled to be held in late November. The funds from this placement will be used to complete the Mashala acquisition, mine development and working capital. ""
So, perhaps I'm adding up 1+1 and coming up with 4. Time will tell.
CCC Price at posting:
77.0¢ Sentiment: Buy Disclosure: Held
