Key points
- The company issued 1,405,555 common shares at eight cents per share (10 New Zealand cents, nine Australian cents).
- Gross proceeds totaled $112,440.40, equivalent to NZ$140,555.50 or AU$126,499.95.
- All shares issued are subject to a hold period until Jan. 11, 2025.
- Funds will go toward fast-tracking mine development at Korella North in Queensland, permitting for the Avenir Makatea project in French Polynesia, and general working capital.
CHATHAM ROCK CLOSES PRIVATE PLACEMENT OF SHARES
Chatham Rock Phosphate Ltd. has closed a private placement of shares by issuing a total of 1,405,555 common shares at a price of eight cents (10 New Zealand cents and nine Australian cents) per share, raising gross proceeds of $112,440.40 ($140,555.50 (New Zealand) or $126,499.95 (Australian)).
All securities issued are subject to a hold period until Jan. 11, 2025.
Use of funds
The funds raised will be used for the following purposes:
Fast-tracking the mine development at Korella North in Queensland;
Continuation of the permitting process for the Avenir Makatea onshore phosphate project in French Polynesia;
General working capital.
- Fast-tracking the mine development at Korella North in Queensland;
- Continuation of the permitting process for the Avenir Makatea onshore phosphate project in French Polynesia;
- General working capital.
The subscription to the offering by one insider of the issuer is a related party transaction for the purposes of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions, but the issuer is relying on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(1)(a) of MI 61-101 on the basis that the fair market value of the subscription, insofar as it involves the insider of the issuer, does not exceed 25 per cent of the market capitalization of the issuer, as determined in accordance with MI 61-101.
