MINREX RESOURCES LIMITED 18 August 2017
Dear Shareholder
RE: Non-Renounceable Rights Issue of SharesOn 9 August 2017, MinRex Resources Limited ("MinRex") announced a 2 for 3 non- renounceable Rights Issue of $0.05 per new share to raise approximately $1,417,554 before costs. MinRex also announced a Private Placement of 5,546,952 fully paid ordinary shares at
$0.05 each to sophisticated investors that raised $277,347.60 before costs.
Details of Rights IssueThe Offer is being made as a non-renounceable Rights Issue of two (2) New Shares for every three (3) Shares held by Shareholders registered at the Record Date of 5pm WST on 21 August 2017. Fractional entitlements will be rounded down to the nearest whole number. An Offer Document will be mailed to all shareholders residing in Australia and New Zealand on 24 August 2017.
Based on the capital structure of the Company, including the Private placement shares noted above, and assuming all Entitlements are accepted, up to 28,351,090 new fully paid ordinary shares will be issued pursuant to this Offer to raise $1,417,554 before costs. The Company will apply to the ASX for quotation of the New Shares.
The Private Placement and Rights Issue will provide additional funding to support further exploration work at the Deflector Extended tenement in Western Australia and the Heemskirk tenement located in Tasmania.
The funds will also assist with due diligence, deal negotiation costs and shareholder & regulatory approvals required for new corporate opportunities, as well as additional working capital for ongoing costs together with the funding of this Offer.
Offer DocumentThe Company will lodge an Offer Document with the Australian Securities Exchange on Friday, 18 August 2017, which sets out the material information relating to the Rights Issue.
MinRex Resources Limited ACN 151 185 867 LinQ House Level 1, 17 Ord Street West Perth WA 6005 P: +61 8 9486 8806 F: +61 9321 3559MinRex Resources Limited
Indicative TimetableAnnouncement of Offer | 9 August 2017 |
Appendix 3B and cleansing notice lodged with ASX | 11 August 2017 |
Ex Date and Offer Document lodged with ASX | 18 August 2017 |
Record Date to determine Entitlement to New Shares | 21 August 2017 |
Despatch of Offer Document and Application Form and announcement that despatch completed. | 24 August 2017 |
Offer opens for receipt of Applications | 24 August 2017 |
Closing Date for Applications and payment in full (5.00pm WST) | 7 September 2017 |
New Shares quoted on a deferred settlement basis | 8 September 2017 |
ASX notified of under subscriptions | 12 September 2017 |
Despatch date of holding statements, New Shares entered into the holders' security holdings | 13 September 2017 |
Trading commences for New Shares on a normal basis | 15 September 2017 |
These dates are indicative only and subject to change. The Company, in conjunction with the Lead Manager, reserves the right, subject to the Corporations Act and the ASX Listing Rules, to vary the above dates.
If you require further information, please contact Simon Durack on +61 8 9486 8806 between the hours of 8.30am and 5.30pm WST.
Yours faithfully,
Simon DurackExecutive Chairman
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MinRex Resources Ltd. published this content on 18 August 2017 and is solely responsible for the information contained herein.
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