The Company advises that its 1 for 4 non-renounceable Rights Issue, to raise approximately $1.655 million, closed on 20 March 2007, with strong support from shareholders. Subscriptions by Paradigm shareholders totalled $1.646 million (i.e. 99.5% of the amount sought). The shortfall was 60,599 Shares.
The Directors are pleased that Paradigm shareholders have so strongly supported the recent initiatives into uranium and tungsten exploration, and look forward to accelerating the exploration program and delivering positive results. The Issue was fully underwritten by Far East Capital Limited (FEC).
The Company anticipates issuing all Shares (and the equivalent number of New Options as described in the Rights Issue Prospectus) to participating shareholders and the shortfall to FEC (or its nominees) on or prior to Wednesday, 28 March 2007.
Under the terms of the Company’s underwriting arrangement with FEC, FEC may elect before 3 April 2007 to place up to a further 5.5 million Shares and New Options on the same terms as the Rights Issue, subject to any necessary shareholder approval.
IOD Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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