The company announced a renounceable rights issue on 11/5/07
From the announcement on 28/5/07 titled Renounceable Rights Issue
• A Two (2) for One (1) renounceable pro-rata entitlement Offer at $0.013 per New Share to raise approximately $3.42 million (before Offer costs). • One (1) attached free New Option exercisable at $0.025 for every Two (2) New Shares subscribed for. • Net proceeds of the Offer will be used by the Company for:- • Continue with the exploration and development of the Company’s projects in Far North Queensland. • Advance the Company’s copper and gold projects in New South Wales and its uranium prospect in South Australia. • Repayment of debt. • Pursue the money owing to it by Luzon Minerals Limited of Canada (‘Luzon’). • Seek new opportunities. • Working capital. • Offer closes at 5pm EST on 15 June 2007.
Options are exercisable at $0.025 on or before 30 November 2008.
I hope this helps.
Cheers Charles
BIG Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
