Share Purchase Plan Documentation and Record Date

 14 December 2012

Further to the announcement of 30 November, CRP is offering a further share purchase plan to shareholders. The record date for the plan is 5pm today. The plan offers shareholders (as at 5pm today) the opportunity to subscribe for up to $15,000 of new shares at an issue price of $0.33 per share.

A copy of the share purchase plan booklet and top-up offer documentation accompanies this announcement (click here to view). These will be posted to shareholders on Monday.

The issue price of $0.33 per share represents a 17.5% discount to the market price at the close of trading on Friday, 30 November 2012 of $0.40 per Share when this issue price was set and announced to the market.  It also represents the price at which CRP has last completed private placements.

Capital raised will be applied:

  • To refine our mining system design so we can start detailed designs early in 2013.
  • To complete our environmental consent application to submit as soon as the Exclusive Economic Zone Regulations are completed.
  • To further work on and receive our mining licence and marine consent.
  • To undertake further feasibility studies on beneficiation of our rock phosphate
  • If required, to undertake further research work at sea
  • To undertake the required work programmes for the Namibian exploration licences applied for earlier this year.

On behalf of the Board,

Chris Castle

Managing Director