the deal

if this media ann is close to the mark then it looks like $100million raised through pattersons, 2 for 1 issue will result in issue price around 8.3cents and will be left with 1.8billion shares on issue.

not great but much better than insolvency, the key point is baker steel and obviously pattersons are supportive of the issue.



http://www.smh.com.au/business/speeding-ticket-for-centro-20090921-fyn9.html
JAMIE FREED

"APEX IN CASH CALL

With gold hovering around $US1000 an ounce, Apex Minerals and Resolute Mining have decided the time is right to fix up their balance sheets.

Apex, which has had a difficult start to production at its Wiluna mine in Western Australia, entered a trading halt this morning for a proposed recapitalisation and restructuring arrangement.

Insider understands it is seeking $100 million via a renouncable rights issue that is fully underwritten by Patersons Securities.

Apex has a market value of $59 million, which would point to an issue with a ratio of about two-for-one, although the final number has not yet been set.

Of the $100 million raised, half of the proceeds will repay all of its existing debt and the other half will fund mine development and working capital to allow it to produce 140,000 ounces of gold a year.

Gold fund Baker Steel Capital Management, which has 9 per cent of the company, is understood to be supportive of the issue.

Apex expects to resume trading early to mid-next week as it will be seeking funds from overseas investors as part of the raising."