Exchange warning on issue

Press, 19 August 1983, Page 8

Exchange warning on issue

Members of the New Zealand Stock Exchange were yesterday warned that they could not be associated with the proposed issue by Cascade Exploration, Ltd, because the company had not applied to issue securities. As reported, Cascade Exploration, a mineralexploration company that has been dormant for five years, will make a public issue of 500,000 shares at 100 c each, to finance investment projects in other unlisted companies. However, the exchange said that no application to issue securities had been received from the company, nor had any authority been given.

“Members may not be associated with the issue at

present. “Members are reminded that before they can act in any issue of securities the necessary authority must be granted by the Exchange.” It said that Cascade Exploration had published documents dated July 25 concerning a non-renounce-able offer of shares in which several references were made to the New Zealand Stock Exchange. The story printed earlier this month said that Cascade was looking at issuing a prospectus to the public and seek listing on the Stock Exchange to provide sufficient capital to finance its activities.

Cascade's chairman, Mr B. R. Wilson, was quoted as saying that negotiations to provide underwriting were under way. To finance the public issue the directors have recommended a one-for-five cash issue to shareholders at 100 c par to raise $70,000.