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Proactiveinvestors is a leading multimedia news organization, investor portal and events management business with offices in New York, Sydney, Toronto and London. Proactiveinvestors operates five financial websites in four languages providing breaking news, comment and analysis on hundreds of... More
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  • Eclipse Metals To Raise $2.4m In Underwritten Entitlement Issue 0 comments
    May 5, 2013 7:09 PM

    Eclipse Metals (ASX: EPM) is set to raise around $2.4 million from an underwritten renounceable entitlement issue, on the basis of two shares for every one held.

    The shares will be offered at $0.005, which is a 50% discount to the last traded price of Eclipse.

    The maximum number of shares which may be issued under the issue is approximately 486,385,544 to raise approximately $2.4 million before costs.

    Existing shareholders will also be given the right to participate in any shortfall or sell all or part of the entitlement under the issue.

    The funds will be allocated to repay a short term debt facility, fund exploration and tenement expenses for Eclipse and its subsidiaries' tenement portfolio, evaluate new exploration prospects and working capital.

    The board of Eclipse recently commissioned a team of expert geologists including CSA Global to provide a preliminary assessment of the company's assets to help determine an appropriate exploration strategy going forward.

    Underwritten issue

    The Entitlement Issue is underwritten by Komodo Capital Pty Ltd, AFSL 344234, a company associated with Pete Landau, a director of Eclipse.

    The other directors of Eclipse or associated entities have also agreed to sub-underwrite a portion of the Entitlement Issue namely Ghan Resources Pty Ltd (an associate of Carl Popal) and David Sanders.

    Landau has over 15 years' experience in providing general corporate, capital raising, transaction and strategic advice and has project managed a significant number of oil and gas and mining exploration and development transactions.

    Popal is the managing director of Paynes Find Gold (ASX: PNE) and Ghan Resources as well as a non-executive director of Walla Mines.

    He has 12 years' experience in business and property development and has managed various commercial dealings within a network of companies in various countries around the world including India, China and Malaysia.

    Sanders is a corporate lawyer with Bennett + Co and is also a non-executive director of Marenica Energy (ASX: MEY) and Quickflix (ASX: QFX).

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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