Chatham Rock Phosphate Ltd., further to its news release dated Jan. 21, 2025 (as updated March 3, 2025), has closed its private placement of units by issuing a total of 1,599,152 units at a price of seven Canadian cents (8.6 New Zealand cents) (7.8 Australian cents) per unit, raising gross proceeds of $111,940 (Canadian) ($137,527 (New Zealand)) ($124,733 (Australian)). Each unit consists of one common share in the capital of the company and one transferable share purchase warrant, transferable subject to applicable securities legislation. Each warrant will entitle the holder thereof to acquire one common share at a price of 20 Canadian cents per share at any time prior to the date that is 12 months from the date of issuance, subject to acceleration provisions as originally disclosed. No finders’ fees were paid in connection with the offering.
All securities issued are subject to a hold period until July 22, 2025.
Use of funds
The funds raised will be used for the following purposes:
Completion of the permitting process for the Avenir Makatea onshore phosphate project in French Polynesia;The first steps in a fast-track reapplication for a marine (environmental) consent on the Chatham Rise;General working capital.
- Completion of the permitting process for the Avenir Makatea onshore phosphate project in French Polynesia;
- The first steps in a fast-track reapplication for a marine (environmental) consent on the Chatham Rise;
- General working capital.
