$1m of SPP Underwritten by Hudson Investment Group
Sydney, June 19, 2014 AEST (ABN Newswire) - Sovereign Gold Co Ltd (Sovereign Gold) (
ASX:SOC) is pleased to announce that, following discussions with Hudson Investment Group Limited (ASX:HGL) (Hudson), Hudson have agreed to underwrite the first $1 million of the recently announced Share Purchase Plan (refer ASX release dated 17th June, 2014).
Any shortfall from the first $1 million of the SPP Offer will be issued to the Underwriter or sub- underwriters nominated by the Underwriter from Sovereign Gold's 15% placement capacity under ASX Listing Rule 7.1, or as otherwise approved by the Sovereign Gold's shareholders.
Full details of the SPP, including the underwriting terms and conditions will be included in the SPP offer documents to be sent to eligible shareholders on 23 June 2014.
SPP Summary
The Offer price will be the lower of 4 cents or a 10% discount to the volume-weighted average price of SOC shares traded on the Australian Securities Exchange (ASX) over the 5 trading days up to and including the day on which the Offer is scheduled to close (23 July 2014), rounded down to the nearest one tenth of one cent.
The maximum price that eligible shareholders will pay is 4 cents per New Share.
Shareholders can purchase shares totalling up to $15,000.
Shares issued under the SPP will rank equally with existing shares.
Indicative Dates
------------------------------------------------Record Date 16 June 2014Announcement of the Share PurchasePlan 17 June 2014Documents mailed to EligibleShareholders 23 June 2014Opening date for acceptances 23 June 2014Closing date for acceptances 23 July 2014Allotment and issue of New Shares 30 July 2014Quotation of New Shares on ASX 30 July 2014Despatch of shareholder statements 30 July 2014------------------------------------------------
About Sovereign Gold Company Limited
Sovereign Gold Co Ltd (ASX:SOC) is an Australian-based specialist gold exploration company. Sovereign Gold has a portfolio of quality tenements located in Eastern Australia where there is known potential for the occurrence of Intrusion-Related Gold Systems (IRGS). Sovereign Gold has a highly prospective tenement package covering the Rocky River-Uralla Goldfield, 21km southwest of Armidale, NSW, Australia. Sovereign owns the recent Mt Adrah Hobbs IRGS discovery south-east of Wagga Wagga, NSW.
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