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Sydney, June 13, 2012 (ABN Newswire) - Vector Resources Limited (
ASX:VEC) is pleased to provide the following update on the proposed entitlement issue to listed optionholders announced on 20 March 2012.
The entitlement issue will be on the basis of one (1) new option exercisable at $0.25 each on or before 30 January 2015 (New Option) for every two (2) existing Listed Options held at an issue price of $0.01 per New Option, with a total of approximately 88,443,333 New Options to be issued, raising $884,433 before expenses (Option Entitlement Issue).
The funds raised will be applied towards ongoing exploration expenditure on the Company's existing projects, costs of the offer and for additional working capital.
The Offer will not extend to optionholders with a registered address which is outside Australia or New Zealand.
The Option Entitlement Issue was approved by shareholders in general meeting on 12 June 2012.
Details of the Option Entitlement Issue and How to Participate
Eligible optionholders will receive a copy of the Option Entitlement Issue offer document and accompanying Entitlement and Acceptance Form setting out the relevant details in relation to optionholder entitlement and costs for full participation in the Option Entitlement Issue.
Eligible optionholders may participate in the Option Entitlement Issue either in full or by accepting part of their entitlement.
The Company will apply for official quotation of the New Options.
The proposed timetable for the Option Entitlement Issue is as follows:
Summary of Important Dates*
ASX:VEC) is pleased to provide the following update on the proposed entitlement issue to listed optionholders announced on 20 March 2012.The entitlement issue will be on the basis of one (1) new option exercisable at $0.25 each on or before 30 January 2015 (New Option) for every two (2) existing Listed Options held at an issue price of $0.01 per New Option, with a total of approximately 88,443,333 New Options to be issued, raising $884,433 before expenses (Option Entitlement Issue).
The funds raised will be applied towards ongoing exploration expenditure on the Company's existing projects, costs of the offer and for additional working capital.
The Offer will not extend to optionholders with a registered address which is outside Australia or New Zealand.
The Option Entitlement Issue was approved by shareholders in general meeting on 12 June 2012.
Details of the Option Entitlement Issue and How to Participate
Eligible optionholders will receive a copy of the Option Entitlement Issue offer document and accompanying Entitlement and Acceptance Form setting out the relevant details in relation to optionholder entitlement and costs for full participation in the Option Entitlement Issue.
Eligible optionholders may participate in the Option Entitlement Issue either in full or by accepting part of their entitlement.
The Company will apply for official quotation of the New Options.
The proposed timetable for the Option Entitlement Issue is as follows:
Summary of Important Dates*
---------------------------------------------------------- Prospectus lodged with ASIC and ASX 13 June 2012 ---------------------------------------------------------- Notice of Entitlement Issue sent to Optionholders 14 June 2012 ---------------------------------------------------------- "Ex" Date (date from which Listed Options commence trading without the entitlement to participate in the Entitlement Issue) 18 June 2012 ---------------------------------------------------------- Record Date (date for determining Optionholder entitlements to participate in the Entitlement Issue) 22 June 2012 ---------------------------------------------------------- Prospectus sent to Optionholders and Opening Date of Offer 27 June 2012 ---------------------------------------------------------- Closing Date of Offer 11 July 2012 ---------------------------------------------------------- Notification of under-subscriptions to ASX 16 July 2012 ---------------------------------------------------------- Allotment of New Options and dispatch of holding statements 19 July 2012 ----------------------------------------------------------* Dates are indicative only. Subject to the Listing Rules, the Directors may vary the dates without prior notice.
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About Vector Resources Limited
Vector Resources Limited (ASX:VEC) is a Western Australian focussed resource company with a corporate vision of acquiring and developing highly prospective resource assets that have the capacity of adding significant shareholder value.
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