Letter to Optionholders- Participation in Pro-Rata Non-Renounceable New Options Offer
Sydney, June 14, 2012 AEST (ABN Newswire) - On 20 March 2012 Vector Resources Limited (
ASX:VEC) announced a one (1) for two (2) non-renounceable pro rata offer of new options to holders of the Company's existing listed options. Shareholders approved the proposed offer in general meeting on 12 June 2012.
Under the terms of the options offer, the holders of listed options whose registered addresses are in Australia or New Zealand as at 22 June 2012 ("Eligible Optionholders") will be offered new options in the Company for a subscription price of $0.01 each and exercisable at $0.25 each on or before 30 January 2015 ("New Options"). All Eligible Optionholders registered as at 7pm AEST on 22 June 2012 will be entitled to participate in this non-renounceable entitlement offer of options on the basis of one (1) New Option for every two (2) listed options held ("Rights Issue"). In calculating entitlements under the Rights Issue, fractions will be rounded down the nearest whole number.
The options offer will result in the issue of up to approximately 88,443,333 New Options and if fully subscribed will raise up to approximately $884,433 before costs. The funds will be used for exploration on the Company's existing projects and for additional working capital purposes.
The Rights Issue is not underwritten, but the Directors reserve the right to issue at their discretion any shortfall to any party who is not a related entity of the Company.
The closing date for acceptance of the offer is 11 July 2012 unless extended at the discretion of the Board.
A prospectus relating to the Rights Issue ("Prospectus") was lodged with the Australian Securities and Investments Commission and ASX Limited on 13 June 2012 and the Prospectus will be mailed to shareholders on or about 27 June 2012.
A copy of the prospectus is available on the ASX website and on the Company's website at www.vectorresources.com.au.
The following are key dates relating to the options offer that you need to be aware of:
------------------------------------------------------------EVENT DATE------------------------------------------------------------Prospectus lodged with ASIC and ASX 13 June 2012------------------------------------------------------------"Ex" Date (date from which Listed Optionscommence trading without the entitlementto participate in the Entitlement Issue) 18 June 2012------------------------------------------------------------Record Date (date for determiningOptionholder entitlements to participatein the Rights Issue) 22 June 2012------------------------------------------------------------Prospectus sent to Optionholders andOpening Date of Offer 27 June 2012------------------------------------------------------------Closing Date of Offer * 11 July 2012------------------------------------------------------------Notification of under-subscriptions to ASX ** 16 July 2012------------------------------------------------------------Despatch date/New Options entered intoOptionholders' security holdings ** 19 July 2012------------------------------------------------------------
* Subject to the ASX Listing Rules, the Directors reserve the right to extend the closing date for the options offer at their discretion. Should it occur, the extension will have a consequential effect on the anticipated date of issue for the New Options and any shortfall options.
** These dates are indicative only
As soon as practicable following the Record Date Vector will dispatch a Prospectus and also a personalised Entitlement and Acceptance Form to Eligible Optionholders. If you are eligible and wish to participate in the Rights Issue, it will be necessary for you to complete your personalised Entitlement and Acceptance Form and return it, with the appropriate application monies to the Company's share registry before 5.00pm AEST on the anticipated closing date of 11 July 2012.
Full details of the Offer will be contained in the Prospectus that will be mailed to all shareholders who are registered on the Record Date. Shareholders who are eligible to participate should read the Prospectus carefully.
Contact
Vector Resources Limited
T: +61-2-6389-5750
E: contact@vectorresources.com.au
WWW: www.vectorresources.com.au
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