The placement was approved by Shareholders at an EGM held on 16 August 2018. Shareholders also approved the grant of 20M AGEO listed options to BW Equities as part of the compensation arrangements associated with the placement.
The placement will now be used to fund the drilling program at the Company's TCC4 Prospect in the Northern Territory (see ASX Announcement: 21 August 2018).
The key elements of the capital raising are as follows:
- A capital raising of $1.75M through a placement of up to 250M fully paid ordinary shares at $0.007, with a 1:2 attaching AGEO listed option; and
- Funds of up to $1.5M to be allocated to restart exploration work and undertake drilling at the TCC4 Prospect
Alligator's Acting CEO Greg Hall commented; "the timing of this placement coincides with renewed interest in the sector and it is pleasing to be in a position to concentrate on the drilling of our advanced stage uranium prospect at TCC4."
Other important matters:
(a) Appendix 3B
The Company released an Appendix 3B in relation to this placement on 29 June 2018 noting that the allotment was subject to Shareholder approval. The Company confirms that the approval obtained from Shareholders was consistent with the Class and Number of Securities outlined in this release (copy attached) (see link below).
(b) Section 708A - Cleansing Notice
The Company confirms that it has complied with the relevant provisions of Chapter 2M of the Corporations Act as they apply to the Company and Section 674 of the Corporations Act and will issue a separate Cleansing Notice in this regard.
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About Alligator Energy Ltd
Alligator Energy Ltd (ASX:AGE) is an Australian, ASX-listed, exploration company focused on uranium and energy related minerals, principally cobalt-nickel.
Alligator's Directors have significant experience in the exploration, development and operations of both uranium and nickel projects (both laterites and sulphides).
ContactMr Greg Hall
Executive Director and CEO
Alligator Energy Ltd
Mr Mike Meintjes
Alligator Energy Ltd
Alligator Energy Ltd (ASX:AGE) Arnhem Land Drilling Update, and Further High Grade Ni Co Cu Au Assays at Piedmont Project