Allotment of Shares and Options

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18 July 2013

Chatham Rock Phosphate’s Initial Public Offer of shares and options has raised $1.58 million.

The offer, under a simplified disclosure prospectus, closed last Friday and the company’s share registry processed late applications over the following few days.  New shares and options under the offer were allotted today.

Chief executive Chris Castle said while it was disappointing not to reach the target of $4 million, the offer achieved a good result given that it was non-brokered.

“It has successfully increased the profile of Chatham, including among institutions and the farming and rural communities.  We are delighted to welcome a further 120-plus new investors into Chatham Rock Phosphate.”

Mr Castle said he is continuing discussions with institutions and a number of professional investors both locally and overseas that have expressed interest in Chatham.

The capital raised will allow Chatham to work towards achieving further milestones and de-risking over the coming months, which would enable capital in future to be raised at higher prices.  “That would mean Chatham could minimise dilution of existing shareholder interests.

Chatham Rock Phosphate has now raised a total of $23.5 million of the estimated $30 million needed before production is expected to commence in 2015.

“Most of that funding has been sourced in the very difficult market conditions prevailing in the resources sector for the last 18 months.

With respect to our Mining Licence application, processes related to the new Crown Minerals Act have proven to be a bit more complex than initially anticipated.  Our application remains a priority and is being actively progressed by New Zealand Petroleum and Minerals.

“With an existing market capitalisation of $50.4 million we expect to be able to progressively raise the last $6.5 million as we require it.”

Full particulars of the allotment are set out below

For further information contact Chris Castle on 021 55 81 85 or chris@crpl.co.nz

   

Class of security: Ordinary shares

     

ISIN: NZWENE0003S0

     

Number issued: 4,502,817 ordinary shares

     

Issue price: $0.35 per ordinary share

     

Payment in cash: Yes

     

Fully paid: Yes

     

Percentage of class: 3.32%

     

Purpose of the issue: For working capital purposes

     

Authority for the issue: Board resolutions

     

Date of issue: 18 July 2013

     

Total number of securities   on issue following allotments: 140,075,226 ordinary shares

     

Class of security: Options (CROB

     

ISIN: NZCRPE0001S3

     

Number issued: 1,500,934

     

Exercise price: $0.70 per option to receive   one ordinary share

     

Payment in cash: Yes

     

Fully paid: Yes

     

Percentage of class: 100%

     

Purpose of the issue: For working capital purposes

     

Authority for the issue: Board resolutions

     

Date of issue: 18 July 2013

     

Total number of securities   on issue following allotments: 1,500,934 Options

 

 

Chatham submits NZ’s first Marine Consent

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– culminating 3 years work, $20 million investment

Chatham Rock Phosphate today submitted New Zealand’s first Marine Consent application under the new EEZ regime to the Environmental Protection Authority.  It is the culmination of three years work and more than $20 million in investment.

Submitting the application comes in the final week of Chatham’s current capital raising for $4-10 million in its first public investment offering in New Zealand.  Chatham has raised $21.5 million for the project over the past two years from its existing shareholders and through private placements to qualified investors.

The EPA, New Zealand’s environmental regulator, is expected to decide on CRP’s application after a full public process, in January 2014.

“This application is for a project of national significance offering fertiliser security for New Zealand’s primary industry, significant export potential and import substitution, as well as environmental benefits,’ Chief Executive Chris Castle said.

“We have done our homework and know this project stacks up technically, environmentally and financially,” Mr Castle said.

“The application has been developed by a team of experts who have delivered scientific rigour.  It has also incorporated input from a wide range of stakeholders who have challenged our thinking and made valuable contributions to the completed document.”

The Environmental Impact Assessment forming the centrepiece of Chatham’s Marine Consent application will be considered under the new Exclusive Economic Zone environmental consenting regime, which came into force on 28 June as part of the EEZ and Continental Shelf (Environmental Effects) legislation.

“We believe we have prepared all of the information the EPA needs, under the terms of the EEZ Act.

“We also feel confident any stakeholders who may have concerns will see the EIA comprehensively addresses all environmental issues.”

The main document runs to more than 330 pages and there are about 30 appendices including a large number of scientific reports and models. The team has summarised the key findings to assist potential submitters work through the documentation.

The information in the EIA will be publicly available on the EPA website, and via a link on rockphosphate.co.nz, once the EPA has accepted the application as complete.  People are then able to consider the documentation and make submissions and attend public hearings during the next six months.

Chatham expects the first of its required consents – approval of a Mining Licence under the Crown Minerals Act – within the next several weeks. 

Chris Castle – +64 21 55 81 85 or chris@widespread.co.nz

Opening of Share and Option Offer

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Chatham Rock Phosphate is pleased to advise that its offer of shares and options under a simplified disclosure prospectus opened from 5pm today following the conclusion of the FMA Consideration Period under the Securities Act 1978.

A copy of the prospectus is available on the website side bar and includes in it the application form and application instructions to participate in the offer.

The offer will close on 12 July 2013, unless extended in the manner discussed in the prospectus.

The offer is for new shares at $0.35 per share. For every three shares subscribed for, one option to acquire a share will be issued for an exercise price of $0.70. The offer is seeking to raise $4 million with the ability to seek over subscriptions up to approximately $10 million.

On behalf of the Board,

Chris Castle
Chief Executive Officer

Email: chris@crpl.co.nz

Opening of Share and Option Offer

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Chatham Rock Phosphate is pleased to advise that its offer of shares and options under a simplified disclosure prospectus opened from 5pm today following the conclusion of the FMA Consideration Period under the Securities Act 1978.

A copy of the prospectus is available on the website side bar and includes in it the application form and application instructions to participate in the offer.

The offer will close on 12 July 2013, unless extended in the manner discussed in the prospectus.

The offer is for new shares at $0.35 per share. For every three shares subscribed for, one option to acquire a share will be issued for an exercise price of $0.70. The offer is seeking to raise $4 million with the ability to seek over subscriptions up to approximately $10 million.

On behalf of the Board,

Chris Castle

Chief Executive Officer

Email: chris@crpl.co.nz

 

CRP showcases project at Fieldays

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12 June 2013 

Chatham Rock Phosphate is showcasing its project to significant investor interest at Mystery Creek Fieldays in Hamilton this week.

The Fieldays event, the largest agribusiness show in the southern hemisphere attracting more than 120,000 over four days, has already proved after one day to be a success for Chatham, according to Chief Executive Chris Castle.

“We’ve had a stream of people all day coming to our stall, wanting to know about the project, our phosphate product and the investment opportunity.

Mr Castle, chairman and corporate relations director Linda Sanders and other staff and directors are representing the company at the event.

“We’re being visited by farmers who have followed our project over the past couple of years in the media, by companies involved in the industry, by people who are simply curious to learn more about the project’s technical innovations and by loyal shareholders.”

Mr Castle said shareholders are welcome to come and visit the company’s representatives until 5pm Saturday, located at stall 5, row D in the main pavilion.

Chris Castle – +64 21 55 81 85 or chris@crpl.co.nz

 

Chatham Rock Phosphate Ltd. registers simplified disclosure prospectus

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Further to the announcement of 4 June, Chatham Rock Phosphate is pleased to advise that it has today registered a simplified disclosure prospectus. A copy of the prospectus accompanies this announcement.

The offer will open on 14 June 2013 unless the FMA consideration period is extended under the Securities Act 1978. The offer will close on 12 July 2013.

The offer is for new shares at $0.35 per share. For every three shares subscribed for, one option to acquire a share will be issued for an exercise price of $0.70. The offer is seeking to raise $4 million with the ability to seek over subscriptions up to approximately $10 million.

On behalf of the Board,

Chris Castle 
Chief Executive Officer

Email: chris@crpl.co.nz

View the announcement on the www.nzx.com or download the Simplified Disclosure Prospectus.

Chatham Rock Phosphate Ltd. Registers Simplified Disclosure Prospectus

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Further to the announcement of 4 June, Chatham Rock Phosphate is pleased to advise that it has today registered a simplified disclosure prospectus. A copy of the prospectus accompanies this announcement.

The offer will open on 14 June 2013 unless the FMA consideration period is extended under the Securities Act 1978. The offer will close on 12 July 2013.

The offer is for new shares at $0.35 per share. For every three shares subscribed for, one option to acquire a share will be issued for an exercise price of $0.70. The offer is seeking to raise $4 million with the ability to seek over subscriptions up to approximately $10 million.

On behalf of the Board,

Chris Castle 
Chief Executive Officer 
Email: chris@crpl.co.nz

Chatham to Undertake Public Capital Raising

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The Board of Chatham Rock Phosphate has decided to proceed with a capital raising offer to the public in New Zealand under a simplified disclosure prospectus.

The offer will seek to raise $4 million with the ability to accept oversubscriptions of a further $6 million. The offer will consist of new ordinary shares at an issue price of $0.35 per share with one option attached to every three shares issued. The options will have an exercise price of $0.70 to receive one share and will be exercisable over a three month period following the grant of a marine consent for Chatham Rock Phosphate’s Chatham Rise phosphorites project.

A draft application for the marine consent has already been filed with a final application intended to be filed in approximately a month’s time. The marine consent, together with the mining licence (which is expected to be granted shortly) represent the key regulatory approvals needed for the project to proceed. Accordingly obtaining the marine consent is seen as a considerable de-risking step for Chatham Rock Phosphate and appropriate for triggering the option exercise period. Chatham Rock Phosphate will seek quotation of the options on the NZAX market.

The purpose of the offer is to substantially fund Chatham Rock Phosphate through to mining commencement, presently scheduled for 2015. To date Chatham Rock Phosphate has principally been funded through a combination of private placements with qualified investors and annual share purchase plan offers to shareholders. This offer will be available to any member of the public in New Zealand and its success would allow the management team to focus on achieving operating milestones for the project rather than needing to focus on seeking additional funding.

As recently announced, Edison Investment Research has assessed an un-risked value per share for Chatham Rock Phosphate of $2.00. While risks remain in the project, Chatham Rock Phosphate considers that the pricing of the offer represents attractive potential upside for investors against this valuation. The key will be Chatham Rock Phosphate maintaining project momentum over the next 12 months which will de-risk the project further and keep it on target for mining commencement in 2015.

The simplified disclosure prospectus for the offer is expected to be registered shortly with the offer opening in the next fortnight and closing in mid-July.

On behalf of the Board,

Chris Castle

Chief Executive Officer

Email: chris@crpl.co.nz