Offering inked with Haverstock Fund to sell shares at a 6% discount
By Devika Patel
Knoxville, Tenn., Nov. 22 - Minemakers Ltd. announced plans for a A$15 million three-year equity subscription facility with Haverstock Fund LLC.
The shares will be sold at a purchase price equal to 94% of the volume-weighted average price of the stock during the 10 trading days that follow a put notice. The company may draw the funds in tranches of up to A$1 million.
The facility "will give Minemakers the flexibility and ability to maintain momentum on the feasibility and early development of our phosphate projects," managing director Andrew Drummond said in a press release.
"We are under no obligation to use the facility; we are not locking anything in at a time of weak global share prices; it is very competitively priced compared to the discounts one would expect to suffer in a tough market; and there are no non-usage fees."
Minemakers is a phosphate explorer based in West Perth, Australia.
| Issuer: | Minemakers Ltd.
|
| Issue: | Equity subscription facility
|
| Amount: | A$15 million
|
| Tenor: | Three years
|
| Price: | 6% discount
|
| Warrants: | No
|
| Investor: | Haverstock Fund LLC
|
| Pricing date: | Nov. 22
|
| Stock symbol: | Australia: MAK
|
| Stock price: | A$0.29 at close Nov. 22
|
| Market capitalization: | A$65.83 million
|
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