As previously announced, Chatham Rock Phosphate Limited (NZX: CRP) intends to undertake a share purchase plan (SPP) offer of ordinary shares (Shares).
CRP is limiting the SPP to raise no more than NZ$600,000. Each shareholder of CRP may, subject to availability, apply for up to NZ$15,000 of Shares, at NZ$0.006 per Share.
The SPP timetable is outlined below:
We are pleased to advise that the SPP will be fully underwritten by four of CRP’s existing shareholders, including managing director Chris Castle. Underwriting agreements have been entered into to this effect and CRP is now well positioned having secured NZ$500,000 more than its 12 month working capital requirement.
The intention is that the SPP will not be extended and will run to the timetable noted above. CRP intends, immediately following the SPP to proceed with the Antipodes Gold reverse takeover.
An Appendix 4 release accompanies this announcement.
For and on behalf of the Board,