renounceable rights issue and drilling in vanuatu

Alcaston Mining
(TO BE RENAMED GOLDEN RIM RESOURCES LTD)
Level 2, 10 Outram Street, West Perth, WA 6005, Australia
PO Box 378, West Perth, WA 6872, Australia
Telephone: +61 8 9481 5758 Facsimile: +61 8 9481 5759
email: [email protected]
ALCASTON MINING N. L.
ABN 39 006 710 774
19 October 2006
ASX ANNOUNCEMENT
RENOUNCEABLE RIGHTS ISSUE AND DRILLING IN VANUATU AND FIJI
�� A renounceable rights issue to shareholders of two (2) new shares for every
five (5) shares held at the record date to be announced, at the price of 8
cents per share to raise up to $1,685,368 (before issue costs).
�� Underwriting Agreement to the rights issue with Patersons Securities
Limited at an advanced stage.
�� A 3,000m drill program for the Sabeto Project in Fiji is set to commence in
mid-November 2006.
�� A drilling program being conducted at the Webe Creek Project in Vanuatu is
now progressing well following significant disruptions due to wet weather.
The first batch of drill core samples have been shipped to an analytical
laboratory in Brisbane and assay results are expected within a few weeks.
RENOUNCEABLE RIGHTS ISSUE
The Directors of Alcaston Mining NL (“Alcaston”) are pleased to announce that a rights
issue of two (2) new shares for every five (5) shares held, will be made to shareholders of
the Company at the record date to be announced, at the issue price of 8 cents per share
to raise up to $1,685,368 (before issue costs), for the purpose of continuing with the drill
program at the Webe Creek Project in Vanuatu, a new drill program program at the
Sabeto Project in Fiji, administration expenses including repayment of the working capital
loan made by the Chairman and ongoing working capital needs of the Company.
The issue is to be underwritten by Patersons Securities Limited and Alcaston has
executed a mandate letter with the Firm. The necessary compliance process has
commenced in order to move onto signing a full underwriting agreement.
Page 2 of 3
Participation in the Issue
For those shareholders at the record date who wish to participate in the Issue, the share
registry of the Company will mail to them their entitlement forms to new shares and the
total cost of taking up those new shares. Shareholders may take up their full entitlement or
just participate in part entitlement. All this information will be explained in the prospectus
which will be mailed to all shareholders registered at the record date.
Non Participation in the Issue
The rights issue is a Renounceable Rights Issue (“Issue”) and accordingly, shareholders
registered at the record date will be able to dispose of their rights on the market
(renouncing), should they not wish to participate in their entitlement to the new shares.
The price of the rights will be determined by the market. There will be a time limit set for
this trading to take place and this will be communicated to all shareholders in a separate
letter in the near future.
The Board of Alcaston wishes to encourage all shareholders to participate in the rights
issue.
SABETO, FIJI – NEW DRILL PROGRAM
Alcaston’s plans to conduct a 3,000 metre drill program at the Sabeto Project in Fiji are
well advanced. A contract has been signed with a drilling contractor in Fiji and drilling is
expected to commence in mid-November 2006. The program is expected to last up to 3 to
4 months, subject to weather conditions and rig performance. The planned drill sites are
located close to an all-weather gravel road and as such the Company expects that the
drilling will continue through the wet season with minimal disruption.
The drilling program will test the recently discovered potassium radiometric anomaly at
Tuvatu North. The anomaly is believed to be related to hydrothermal alteration associated
with mineralisation. Drilling will also be conducted at Kingston Mine to test several
potential bulk tonnage copper-gold targets and a newly discovered gold-bearing
epithermal vein which has produced a rock chip sample assay of 9.9 g/t gold.
WEBE CREEK, VANUATU – PROGRESS OF DRILLING PROGRAM
The drilling program being conducted at the Webe Creek Project in Vanuatu is now
progressing well following significant disruptions due to wet weather. The first batch of drill
core samples have been shipped to an analytical laboratory in Brisbane and assay results
are expected within a few weeks.
Alcaston’s exploration effort in Vanuatu continues to receive strong support from the
Vanuatu government. Last week, a site visit was conducted with Prime Minister of
Vanuatu, The Honourable Ham Lini.
Alcaston expects to spend a total of up to $600,000 on the Sabeto drill program and up to
an additional $250,000 to complete the drilling at Webe Creek.
Should you have any further queries, please do not hesitate to contact this office.
Page 3 of 3
Yours faithfully
ALCASTON MINING NL
GILBERT RODGERS
Company Secretary
The information in this report, insofar as it relates to exploration results, is based on information compiled by Mr Craig
Mackay. Mr Mackay is a member of the Australasian Institute of Mining and Metallurgy and has sufficient experience which
is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking,
to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves. Mr Mackay consults to the Company. This report accurately reflects the
information compiled by Mr Mackay and Mr Mackay consents to the inclusion in the report of the matters based on his
information in the form and context in which it appears.
Appendix 3B
New issue announcement
+ See chapter 19 for defined terms.
1/1/2003 Appendix 3B Page 1
Rule 2.7, 3.10.3, 3.10.4, 3.10.5
Appendix 3B
New issue announcement,
application for quotation of additional securities
and agreement
Information or documents not available now must be given to ASX as soon as available. Information and
documents given to ASX become ASX’s property and may be made public.
Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003.
Name of entity
ALCASTON MINING NL
ABN
39 006 710 774
We (the entity) give ASX the following information.
Part 1 - All issues
You must complete the relevant sections (attach sheets if there is not enough space).
1 +Class of +securities issued or to be
issued
ORDINARY FULLY PAID SHARES
2 Number of +securities issued or to
be issued (if known) or maximum
number which may be issued
21,067,102 (maximum) ordinary fully paid
shares
3 Principal terms of the +securities
(eg, if options, exercise price and
expiry date; if partly paid
+securities, the amount outstanding
and due dates for payment; if
+convertible securities, the
conversion price and dates for
conversion)
Ordinary fully paid shares
Appendix 3B
New issue announcement
+ See chapter 19 for defined terms.
Appendix 3B Page 2 1/1/2003
4 Do the +securities rank equally in all
respects from the date of allotment
with an existing +class of quoted
+securities?
If the additional securities do not
rank equally, please state:
• the date from which they do
• the extent to which they
participate for the next dividend,
(in the case of a trust,
distribution) or interest payment
• the extent to which they do not
rank equally, other than in
relation to the next dividend,
distribution or interest payment
The securities will rank equally in all respects with
the existing class of quoted securities of the
Company.
5 Issue price or consideration
8 cents per share
6 Purpose of the issue
(If issued as consideration for the
acquisition of assets, clearly identify
those assets)
To fund the continuing of the drill program in
Vanuatu, new drill program in Fiji, administration
expenses including repayment of loan for working
capital purpose from the Chairman and ongoing
working capital needs of the Company.
7 Dates of entering +securities into
uncertificated holdings or despatch
of certificates
To be advised
Number +Class
8 Number and +class of all
+securities quoted on ASX
(including the securities in clause
2 if applicable)
73,734,859
12,540,505
8,750,000
7,750,000
Fully paid ord shares
Options exercisable at
$1.05 and expiring on
30/09/07
Options exercisable at
$0.35 and expiring on
30/06/10.
Options exercisable at
$0.40 and expiring on
30/06/10.
Appendix 3B
New issue announcement
+ See chapter 19 for defined terms.
1/1/2003 Appendix 3B Page 3
Number +Class
9 Number and +class of all
+securities not quoted on ASX
(including the securities in clause
2 if applicable)
Nil
10 Dividend policy (in the case of a
trust, distribution policy) on the
increased capital (interests)
N/A
Part 2 - Bonus issue or pro rata issue
11 Is security holder approval
required?
No
12 Is the issue renounceable or nonrenounceable?
Renounceable
13 Ratio in which the +securities will
be offered
2:5
14 +Class of +securities to which the
offer relates
Fully Paid Ordinary Shares
15 +Record date to determine
entitlements
To be advised
16 Will holdings on different registers
(or subregisters) be aggregated for
calculating entitlements?
N/A
17 Policy for deciding entitlements in
relation to fractions
Fractions will be rounded up to nearest whole
number.
18 Names of countries in which the
entity has +security holders who
will not be sent new issue
documents
Note: Security holders must be told how their
entitlements are to be dealt with.
Cross reference: rule 7.7.
Countries other than Australia and New
Zealand.
19 Closing date for receipt of
acceptances or renunciations
To be advised
Appendix 3B
New issue announcement
+ See chapter 19 for defined terms.
Appendix 3B Page 4 1/1/2003
20 Names of any underwriters
Patersons Securities Limited
21 Amount of any underwriting fee or
commission
Underwriting fee of 4%, Management fee of
1% and Corporate Advisory fee of $40,000.
22 Names of any brokers to the issue
N/A
23 Fee or commission payable to the
broker to the issue
N/A
24 Amount of any handling fee
payable to brokers who lodge
acceptances or renunciations on
behalf of +security holders
N/A
25 If the issue is contingent on
+security holders’ approval, the
date of the meeting
N/A
26 Date entitlement and acceptance
form and prospectus or Product
Disclosure Statement will be sent to
persons entitled
To be advised
27 If the entity has issued options, and
the terms entitle option holders to
participate on exercise, the date on
which notices will be sent to option
holders
To be advised
28 Date rights trading will begin (if
applicable)
To be advised
29 Date rights trading will end (if
applicable)
To be advised
30 How do +security holders sell their
entitlements in full through a
broker?
To be adcised
31 How do +security holders sell part
of their entitlements through a
broker and accept for the balance?
To be advised
Appendix 3B
New issue announcement
+ See chapter 19 for defined terms.
1/1/2003 Appendix 3B Page 5
32 How do +security holders dispose
of their entitlements (except by sale
through a broker)?
To be adcvised
33 +Despatch date
To be advised
Part 3 - Quotation of securities
You need only complete this section if you are applying for quotation of securities
34 Type of securities
(tick one)
(a)
Securities described in Part 1
(b)
All other securities
Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee
incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities
Entities that have ticked box 34(a)
Additional securities forming a new class of securities
Tick to indicate you are providing the information or
documents
35 If the +securities are +equity securities, the names of the 20 largest holders of the
additional +securities, and the number and percentage of additional +securities held by
those holders
36 If the +securities are +equity securities, a distribution schedule of the additional
+securities setting out the number of holders in the categories
1 - 1,000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
100,001 and over
37 A copy of any trust deed for the additional +securities
Appendix 3B
New issue announcement
+ See chapter 19 for defined terms.
Appendix 3B Page 6 1/1/2003
Entities that have ticked box 34(b)
38 Number of securities for which
+quotation is sought
39 Class of +securities for which
quotation is sought
40 Do the +securities rank equally in all
respects from the date of allotment
with an existing +class of quoted
+securities?
If the additional securities do not
rank equally, please state:
• the date from which they do
• the extent to which they
participate for the next dividend,
(in the case of a trust,
distribution) or interest payment
• the extent to which they do not
rank equally, other than in
relation to the next dividend,
distribution or interest payment
41 Reason for request for quotation
now
Example: In the case of restricted securities, end of
restriction period
(if issued upon conversion of
another security, clearly identify that
other security)
Number +Class
42 Number and +class of all +securities
quoted on ASX (including the
securities in clause 38)
Appendix 3B
New issue announcement
+ See chapter 19 for defined terms.
1/1/2003 Appendix 3B Page 7
Quotation agreement
1 +Quotation of our additional +securities is in ASX’s absolute discretion. ASX may
quote the +securities on any conditions it decides.
2 We warrant the following to ASX.
• The issue of the +securities to be quoted complies with the law and is not for
an illegal purpose.
• There is no reason why those +securities should not be granted +quotation.
• An offer of the +securities for sale within 12 months after their issue will
not require disclosure under section 707(3) or section 1012C(6) of the
Corporations Act.
Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give
this warranty
• Section 724 or section 1016E of the Corporations Act does not apply to any
applications received by us in relation to any +securities to be quoted and
that no-one has any right to return any +securities to be quoted under
sections 737, 738 or 1016F of the Corporations Act at the time that we
request that the +securities be quoted.
• We warrant that if confirmation is required under section 1017F of the
Corporations Act in relation to the +securities to be quoted, it has been
provided at the time that we request that the +securities be quoted.
• If we are a trust, we warrant that no person has the right to return the
+securities to be quoted under section 1019B of the Corporations Act at the
time that we request that the +securities be quoted.
Appendix 3B
New issue announcement
+ See chapter 19 for defined terms.
Appendix 3B Page 8 1/1/2003
3 We will indemnify ASX to the fullest extent permitted by law in respect of any
claim, action or expense arising from or connected with any breach of the warranties
in this agreement.
4 We give ASX the information and documents required by this form. If any
information or document not available now, will give it to ASX before +quotation of
the +securities begins. We acknowledge that ASX is relying on the information and
documents. We warrant that they are (will be) true and complete.
19 October 2006
Sign here: ............................................................ Date: .........................
(Director/Company secretary)
GILBERT RODGERS
Print name: .........................................................
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