Company acquires 'Home of Bullion' copper and base metal deposits
By Toni Weeks
San Diego, April 26 - Kidman Resources Ltd. said it is conducting a A$4 million private placement of ordinary shares and attached options via joint lead managers Max Capital and Cygnet Capital.
The company will sell 20 million shares at A$0.20 per share. Investors also will receive a free attaching option on a 1:2 basis. Each whole option is exercisable until Nov. 29, 2013 at A$0.20. The share price and strike price are a 4.76% discount to the A$0.21 closing share price on April 20.
According to a company announcement, the private placement will occur in two tranches, with 7.3 million shares issued in the first tranche under the company's 15% share issuance capacity and an additional 12.7 million shares issued in the second
The second tranche, as well as all free attaching options and the inclusion of company directors in the placement, are subject to shareholder approval at a meeting on May 30.
Proceeds will be used for aggressive exploration programs across Kidman's priority projects.
Kidman also announced it has acquired the advanced and historically high-grade "Home of Bullion" VMS copper and base metals deposits in the Northern Territory along with Prospect D deposits for a price of A$1.5 million in cash and A$1 million in ordinary shares. The 4,444,444 shares will be issued at a deemed price of A$0.225 per share.
Victoria, Australia-based Kidman Resources explores and develops base metal and rare earths discoveries in New South Wales and the Northern Territory.
| Issuer: | Kidman Resources Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | A$4 million
|
| Shares: | 20 million
|
| Price: | A$0.20
|
| Options: | One half-share option per ordinary share
|
| Option expiration: | Nov. 29, 2013
|
| Option strike price: | A$0.20
|
| Managers: | Max Capital and Cygnet Capital
|
| Pricing date: | April 26
|
| Stock symbol: | ASX: KDR
|
| Stock price: | A$0.21 on April 20
|
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