I too was pleased by Ox's day. This announcement came out today as well. Hard to see that it could have been the driving force for today's performance but in the absence of anything else...
AnnaP
OXIANA RESOURCES NL 2002-09-11 ASX-SIGNAL-G
HOMEX - Melbourne
+++++++++++++++++++++++++ Oxiana Resources has entered an agreement for the underwriting of the exercise of the balance of its listed options. In combination with the partial underwriting announced on 8th July 2002, this will ensure full proceeds of $59m.
OXIANA LISTED OPTIONS (ASX CODE OXROA)
Oxiana Resources has currently on issue some 194 million options, following the exercise of 42 million options to date. These options are exerciseable into ordinary shares at 25 cents per share on or before 30th September 2002.
THE UNDERWRITING
The agreement, for a proportional underwriting of half of all unexercised options up to 96 million options, completes a full underwriting in tandem with the partial underwriting announced in July. The proceeds of the option exercise will be used for the Sepon Project in Laos and for general working capital.
The exercise of all the options will leave Oxiana in a strong financial condition, and provide the flexibility to develop the Sepon Gold Project without debt or hedging.
The underwriting is further confirmation of market confidence in the Company and its growth programme. The Underwriters are Paterson Ord Minnett Ltd and Peake Lands Kirwan Pty Ltd. The fee is 4.0%. Standard termination clauses apply for the underwriting.
O L Hegarty MANAGING DIRECTOR
OXR Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
