Sydney, Nov 28, 2016 AEST (ABN Newswire) - As announced to the ASX on Monday 7 November 2016, Broken Hill Prospecting Limited's (ASX:BPL) strategic plan is to realise significant value from the potentially world-class Thackaringa Cobalt Project (Thackaringa). The plan involves ASX listing COB to finance and undertake an extensive exploration and development program with potential to support a mine at Thackaringa.

The deal includes a spin-off and demerger of COB by BPL through an in-specie distribution of COB Shares to BPL's shareholders, and an initial public offer (IPO) - including a priority offer to BPL Shareholders.

For detailed information on the proposed transaction by reading the Cobalt Blue Prospectus, please refer to BPL's website:
http://www.abnnewswire.net/lnk/OO3CYN98

Priority Offer

The Prospectus contains an offer of up to 50,000,000 COB Shares to raise up to A$10,000,000, along with 12,500,000 free attaching Loyalty Options on a 1:4 basis. The minimum subscription under the General Offer is 40,000,000 COB Shares to raise A$8,000,000, along with 10,000,000 free attaching Loyalty Options on a 1:4 basis.

Within the General Offer under the Prospectus, COB is making a priority offer of COB Shares to the BPL Shareholders. BPL Shareholders who apply for COB Shares under the Priority Offer within the Offer Period will be guaranteed a minimum allocation of 10,000 COB Shares (A$2,000).

Thereafter, the COB Board will allocate COB Shares at their discretion based on satisfying the minimum subscription under the Offer and to ensure an appropriate shareholder base for COB.

To participate in the Priority Offer, by 5.00pm ADST Friday 9 December 2016 you will need to:

- Make application, in writing, to COB in accordance with the terms and conditions of the Cobalt Blue Prospectus (Application Form attached to the Prospectus); and

- pay to COB the issue price (cleared funds) for each COB Share applied for. If you do NOT wish to participate in the Priority Offer, you do not need to take any action. Should you have any questions regarding the Priority Offer, please contact BPL.

To view the press release, please visit:
http://abnnewswire.net/lnk/V96812AH


About Broken Hill Prospecting Ltd

Broken Hill Prospecting LtdBroken Hill Prospecting Ltd (ASX:BPL) is focused on the development of strategic technology mineral resources: Cobalt and Heavy Mineral Sands (HMS). The Thackaringa Cobalt Project is potentially a world class deposit, well positioned to met the growing demand for Lithium-ion batteries. The Murray Basin HMS Project is targeting the establishment of a sustainable pipeline of high grade, low tonnage deposits (titanium and zirconium) amenable to processing through mobile mining unit technology.

  


Contact

Trangie Johnston
Chief Executive Officer

Ian Morgan
Company Secretary

Broken Hill Prospecting Ltd
T: +61-2-9252-5300
F: +61-2-9252-8400
E: info@bhpl.biz
WWW: www.bhpl.biz



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