Olympia Resources announces A$7.5 million subscription agreement

By Laura Lutz

Des Moines, March 14 - Olympia Resources Ltd. arranged a A$7.5 million standby subscription agreement with Fortrend Small Cap Investors Ltd.

Under the agreement, Olympia may draw down the facility at any time by issuing shares to Fortrend.

Each drawdown will be limited to five times the average daily trading volume over the 15 trading days before a drawdown notice. The price per share will be 90% of the 15-day average closing price of the company's shares.

There must be at least 15 days between drawdowns, and shares cannot be issued below A$0.15.

Fortrend will also receive one option for every 10 shares with each option exercisable for three years at 110% of the share issue price.

Olympia is a resource exploration and development company based in Osborne Park, Australia. The company's shares closed unchanged at A$0.135 on Wednesday (Australia: OLY).

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