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  • Icon Resources to offer Share Purchase Plan for Mt Carbine 0 comments
    Apr 7, 2010 9:47 AM

    Following the positive Scoping Study completed last year, the encouraging drilling results (announced to the ASX on 2 March 2010) and improving tungsten prices, Icon Resources (ASX: III) is stepping up its work program at the Mt Carbine tungsten project in Far North Queensland.

    In order to fund this program and work on other projects, and for working capital, Icon intends to offer a Share Purchase Plan (NYSE:SPP) to all shareholders of up to a maximum of 30% of the issued capital.

    If fully subscribed this would raise A$2.068 million through the issue of 27.58 million shares at a price of 7.5 cents.

    Shareholders will be able to purchase up to $15,000 worth of shares under the SPP at a price of 7.5 cents per share, this being a 19.6% discount on the Company’s average share price over the last five days on which sales in the Company’s shares were recorded.

    The Board also intends to make a placement of shares at the same price of up to 15% of the issued shares, which is the number of shares that may be issued under the ASX Listing Rule 7.1.

    A shareholders’ meeting is intended to be held to approve the placement, which if approved by shareholders, will include participation by Icon Directors.

    All shareholders on the register on 1 April 2010 (record date) will be entitled to participate in the SPP.

    John Bishop, Managing Director, said documentation for the SPP will be finalised shortly and, following receipt of the expected relief required under ASX Listing Rule 7, will be released to the ASX and mailed to shareholders.

    Disclosure: The author holds no positions in the company

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