Share raising knocks Maximus
Kate Hayc/ck
Tuesday, 23 October 2007
JUNIOR Maximus Resources has seen its share price drop by 6c or around 18% on the back of a planned $A9.48 million share raising.
Shares in the South Australian company fell to 27c this morning from its 33c close yesterday.
The company announced today its plans to issue 47.4 million shares via a one for two non-renounceable rights issue at 20c per share.
Patersons Securities will act as lead manager for the raising and will also underwrite the rights issue.
After the rights issue, Maximus said eligible shareholders will be entitled to one free bonus option, exercisable at 20c before June 30, 2009, for every five shares held.
The funds from the raising will be used at the company's Windimurra-Narndee project in Western Australia, where Maximus is exploring for iron ore, uranium, nickel and vanadium mineralisation.
In South Australia, Maximus said it planned to continue exploring for new gold deposits in the Adelaide Hills, as well as further exploration and mine development studies at the Bird-in-Hand gold project.
The company will also work towards defining an alluvial gold resource at its Sellheim gold project in Queensland.
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