Nkwe to raise A$3m
JOHANNESBURG (miningweekly.com) – Nkwe Platinum would undertake a nonrenounceable entitlement issue to raise some A$3-million by way of the issue of 149-million share options.
Shareholders would be entitled to acquire two new listed options exercisable at $0.10 on or before March 31, 2016, for every nine existing Nkwe shares held at the record date at an issue price of A$0.02 an option.
Former option holders would be entitled to participate in a priority shortfall allocation to acquire one new option for every two expired options held at August 31, 2011.
The company would ensure that former option holders had the ability to receive new options on the one-for-two basis set out above.
Nkwe appointed Komodo Capital as underwriter to the entitlement issue with Kaz Capital serving as broker.
The entitlement issue would be fully underwritten by Komodo Capital – a company associated with Nkwe Platinum director Peter Landau – with the terms and conditions of the underwriting arrangements to be customary for a transaction of this nature and subject to an underwriting agreement.
Some A$650 000 in short-term debt financing had been secured into Nkwe, which would be converted as rights entitlement or shortfall/placement allocation of new options.
Meanwhile, Genorah Resources was still in negotiations with the African Minerals Exploration and Development Fund (AMED) regarding the previously announced transaction involving AMED becoming a significant shareholder in Genorah and Genorah recapitalising Nkwe.
Nkwe was also in advanced discussions with other strategic partners in respect of financing the development of its flagship Garatau platinum project.
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