Dear Chatham Rock Rock Phosphate shareholder,
This announcement was released to NZX a few minutes ago.
Allotment of Shares and Options
Chatham Rock Phosphate Limited (NZX: CRP) advises that it has today undertaken placements at $0.30 per share and at $0.292 per share.
74,627 ordinary shares were issued at an issue price of $0.30 per share to a qualified investor. This investment is on the terms of the current private capital raising offer announced to the market on 9 September, being:
• CRP agrees an amount of shares to be subscribed for by an investor in aggregate.
• Half of the shares are subscribed for at an issue price of $0.30 per share (Tranche One).
• The investor commits to subscribing for the balance of the shares at $0.35 per share within 2 weeks of the Company being granted a mining licence in respect of its Chatham Rise phosphorites project (Tranche Two).
• For every two shares subscribed for under Tranche One and Tranche Two, one option (CRPOB) is also allotted to the investor.
Accordingly this represents a $50,000 committed investment with $23,000 paid for the shares allotted today and $27,000 to be paid for Tranche Two.
In addition two contractors of the Company (CRP-OCS Consulting Limited and Robin Falconer Associates Ltd) have each received 51,370 shares under Contracts for Service at $0.292 per share. These shares represent partial payment for services. Pursuant to those contracts for service the issue price of NZ$0.292 per share reflects the 20 day volume weighted average price of a share on the NZAX market to 30 September 2013.