@TRIPTIZINE2. RESOLUTION 2 ? Placement Issue of Securities2.1...

@TRIPTIZINE
2. RESOLUTION 2 ? Placement Issue of Securities
2.1 General
Resolution 2 seeks shareholder approval for the allotment and issue of up to 100,000,000 shares at an issue price of at least $0.05 per share.
ASX Listing Rule 7.1 provides that a company must not, subject to specified exceptions, issue or agree to issue during any 12 month period any equity securities, or other securities with rights to conversion to equity (such as an option), if the number of those securities exceeds 15% of the number of securities in the same class on issue at the commencement of that 12 month period.
The effect of Resolution 2 will be to allow the Directors to issue shares under this placement facility during the period of 3 months after the General Meeting (or a longer period, if allowed by ASX), without using the Company?s 15% annual placement capacity.
2.2 Specific Information required by ASX Listing Rule 7.3 for the purposes of Resolution 4
For the purposes of ASX Listing Rule 7.3, the following information is provided:
(i).
The maximum number of shares that are proposed to be issued is 100,000,000 fully paid ordinary shares.
(ii).
The issue price of the shares will be at least $0.05 each.
(iii).
The shares will rank equally with the existing ordinary shares and will be quoted on the ASX.
(iv).
The proposed allottees of the shares will be investors identified by the Directors. Related parties of the Company will not be permitted to participate in this placement.
(v).
The funds are intended to be used to finance further development of the Fausse Point opportunity in Louisiana, the evaluation and acquisition of other potential oil and gas projects, working capital and general corporate purposes.
(vi).
The securities referred to in (i) above will be allotted and issued progressively, but no later than 3 months after the date of this general meeting.
A voting