By Susanna Moon
Chicago, Nov. 18 - Cortona Resources Ltd. said it plans a A$10.3 million capital raising comprising a A$2.5 million institutional share placement and fully underwritten A$7.8 million rights issue to accelerate the development of its Dargues Reef Gold Project in New South Wales.
Cortona said it will issue 68,845,194 shares at A$0.15, with a 1 for 2 attaching A$0.20 option for a total of 34,422,597 options expiring Jan. 31, 2012.
The funds will be raised via a $2.5 million placement in two tranches to an international fund manager, with the remainder being raised through a fully underwritten, renounceable 1 for 2 rights issue to existing shareholders.
Patersons Securities is lead manager to the placement and underwriter of the rights issue.
The second tranche of the placement will be subject to shareholder approval at a meeting on Dec. 18.
Cortona is a Subiaco, Australia-based mineral exploration company.
| Issuer: | Cortona Resources Ltd.
|
| Issue: | Institutional share placement and rights issue
|
| Amount: | A$10.3 million
|
| Shares: | 68,845,194
|
| Price: | A$0.15
|
| Options: | 34,422,597
|
| Option expiration: | Jan. 31, 2012
|
| Manager: | Patersons Securities
|
| Pricing date: | Nov. 18
|
| Stock symbol: | Australia: CRC
|
| Stock price: | A$0.16 at close Nov. 18
|
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