Key points
- Each special warrant is exercisable into one unit consisting of one share and one half warrant, with whole warrants exercisable at $11.00 per share until June 1997.
- Proceeds will extend the bulk sampling program at Feature 22 of the Hottentot Bay grant and fund design and construction of mining operations at the Koichab prospect of the Luderitz Bay grant, both in Namibia.
- An agent’s commission of 5% is payable on the $17 million proceeds.
- The company appointed Dr Marcus Waring as senior geologist and Mr Hans Duijzers, formerly engineering manager at De Beers Marine, as head of marine engineering.
The company has officially completed the issue of two million special warrants at $8.50 each to raise additional equity of $17 million. The issue was arranged by Yorkton Securities and Sprott Securities.
Each special warrant is exercisable into one unit to consist of one share and one half warrant. Each whole warrant entitles the holder to purchase one additional share until June 1997 at $11.00 per share. An agent’s commission of 5% is payable on the proceeds of $17 million.
Proceeds from the placement will be applied to a further extension of the bulk sampling program which is yielding encouraging results in Feature 22 of the company’s Hottentot Bay grant, Namibia. Funds will also be allocated to the design and construction of mining operations which are scheduled to commence in the Koichab prospect of the Luderitz Bay grant, Namibia.
The company has strengthened its management group by the appointment of Dr Marcus Waring as senior geologist and Mr Hans Duijzers as head of marine engineering. Mr Duijzers was formerly engineering manager of De Beers Marine.
