SHAREHOLDER ENTITLEMENT ISSUE NuPower Resources Limited (“NuPower” or “the Company”), a Northern Territory focused phosphate exploration company, is pleased to offer to shareholders a non renounceable pro rata entitlements offer of new ordinary shares priced at 1.6 cents per share. Under the entitlement offer, shareholders will be offered one (1) new share for every four (4) shares held at the record date of 7 November 2012. Under the terms of this issue, 127,955,776 shares will be available for subscription by existing NuPower shareholders and will raise $2.04 million before costs. The entitlements offer is not underwritten NuPower Chairman Mr Robert Owen commented, “At the commencement of 2011, NuPower redirected its focus entirely to its portfolio of Phosphate projects. Since that time NuPower has defined a 310 million tonne inferred Phosphate Resource grading at 15% P2O5 using a 10% cut off at our 100% owned Arganara Phosphate Prospect in the Northern Territory. In addition, Nupower has also identified a 27 kilometer long zone of phosphate mineralisation containing numerous high grade drill intersections. This firmly places Arganara as a world class phosphate development opportunity. The project is well located, adjacent to both major outback road infrastructure and the Darwin to Alice Springs rail line. Use of funds from this entitlement offer will be used primarily for further development of the Arganara project.” The Board of NuPower strongly encourages eligible shareholders to take up this entitlement offer, as it provides an opportunity to take advantage of prevailing market conditions and to participate in the future of the Company.
NUP Price at posting:
1.7¢ Sentiment: None Disclosure: Held