Chatham Rock Phosphate raises a further $1.7m in new capital

11 May 2012

Further to the shareholders meeting on 3 April, Chatham Rock Phosphate (CRP) is pleased to advise that it has received a further tranche of investment from Subsea Investments II, LLC (Subsea).

This tranche of investment comprises:

• an advance to CRP from Subsea of approximately NZD$1.7 million under the convertible loan arrangement approved by shareholders.
• an issue to Subsea of 8,557,302 unlisted options which have a three year term and may be exercised into ordinary shares on a 1:1 basis for an exercise price of $0.30 per share.

This takes Subsea’s total investment in CRP to date to approximately NZD$6.47m.

Full particulars of today's share allotment follows below.

Chris Castle
Managing Director
Email: chris@widespread.co.nz
 

Class of security: Unlisted Options
ISIN: N/A
Number issued: 8,557,302 unlisted options
Issue price: Nil grant price for unlisted options and an exercise price of $0.30 per option to receive one share.
Payment in cash: Yes
Fully paid: Yes
Percentage of class: 35.95%
Purpose of the issue: Funds raised will be applied towards financing the company’s work programme on its mineral prospecting license.
Authority for the issue: Board resolutions and shareholder approval
Date of issue: 11 May 2012
Total number of securities on issue following allotments: 66,844,168 ordinary shares

View or Download this Subsea Announcment pdf