Miners 1:8 Issue
Mineral Resources NZ, Ltd, will raise $567,040 with a one-for-eight cash issue of 20c shares at a premium of 10c a share.
Shareholders are also offered, for one cent each, an option to apply for, and be allotted, one additional 20c share at an exercise price of 50c for each share allotted under the terms of the premium issue.
The option may be exercised on or before March 31,1986. Should all options be taken up and exercised, Mineral Resources would raise $18,901 initially and a further $945,067 when the options are exercised.
The chairman, Mr H. D. Kennedy, said that the purpose of the issue was to enable the company to maintain exploration activities, including the Martha Hill joint venture at Waihi.
Entitlements will be calculated on holdings as at December 6. Acceptance of the offer, with payment in full for shares allotted, must be made not later than January 28. The new shares will rank pari passu with existing ordinary shares, on completion of the distribution of shares in United Resources Investment Holdings, Ltd. Any option exercised will have the same rights as the new shares.
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Bibliographic details
Press, 26 November 1982, Page 10
Word Count
190Miners 1:8 Issue Press, 26 November 1982, Page 10
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