Mine owners get top offer

 SHAREHOLDERS of Coppermoly Ltd with addresses in Australia and New Zealand were recently offered an exclusive deal of a fully underwritten one-for-four non-renounceable pro-rata entitlement.

The offer is to raise up to A$2 million (K4 million) before costs and expenses at an offer price of A$0.045 per share to be used for first payment of the acquisition of Barrick (PNG Exploration) Ltd’s interests in West New Britain. 

They are tenements EL 1043, El1445 and El 1077. 

Funds raised under the offer lwould also be applied to further exploration on the West New Britain project and general working capital expenses including upgrading operating plant and equipment, the company announced in a statement.

The offer will also incorporate a shortfall facility under which eligible shareholders (those with addresses in Australia and New Zealand) could apply to take up additional Coppermoly shares in excess of their entitlements under the offer. 

The record date for the offer is 7pm on Tuesday. 

Shareholders are asked to note that share will be quoted on an “ex” basis from tomorrow.

It means that any shares bought on market on and after this date will not be entitled to participate in the offer. 

In a letter to non-elligible shareholders, the company said: “This letter is to inform you about the offer and shortfall and to explain why you will not be able to subscribe for shares under the offer and shortfall offer.”