Funds to be used to develop Tiwi Islands and Keysbrook projects
By Melissa Kory
Cleveland, Feb. 24 - Matilda Zircon Ltd. announced that it raised A$2.6 million through the private placement of 200 million fully paid shares.
The shares were sold at A$0.013 per share, a 23.53% discount from the Feb. 24 closing share price of A$0.017.
The placement includes 50 million free attaching options, each exercisable at A$0.025 until Dec. 31, 2013.
Indian Ocean Capital is the agent.
Settlement of the placement will take place in two tranches. A total of 115 million shares, or A$1.5 million, will be issued pursuant to ASX Listing Rule 7.1. The remaining 85 million shares, or A$1.1 million, together with all options will be issued subject to the approval of Matilda shareholders at a meeting expected to convene in late March.
Funds from the placement will be used for ongoing development of the company's Tiwi Islands project, pre-development work on its Keysbrook project, transaction costs and for general working capital purposes.
Matilda is a resource company located in Subiaco East, Western Australia, and focused on the development of mineral sands projects located on the Tiwi Islands in the Northern Territory, a leucoxene deposit at Keysbrook in the South West of Western Australia and an expanding zircon operation in Indonesia.
| Issuer: | Matilda Zircon Ltd.
|
| Issue: | Common stock
|
| Amount: | A$2.6 million
|
| Shares: | 200 million
|
| Price: | A$0.013
|
| Options: | 50 million
|
| Option expiration: | Dec. 31, 2013
|
| Option strike price: | A$0.025
|
| Agent: | Indian Ocean Capital
|
| Stock symbol: | Australia: MZI
|
| Stock price: | A$0.017 at close Feb. 24
|
| Market capitalization: | A$12.4 million
|
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