Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


New Talisman rights underwriter picks up half the stock

New Talisman rights issue underwriter picks up half the stock after shortfall

Nov. 27 (BusinessDesk) - Shareholders of New Talisman Gold Mines applied for only 52 percent of shares on offer under its renounceable rights issue, leaving the underwriter to make up the balance.

New Talisman, formerly known as Heritage Gold NZ, had offered about 119.9 million shares at 1 Australian cent or 1.3 New Zealand cents apiece to raise up to A$1.2 million to develop the Talisman mine in New Zealand’s Hauraki District. The rights offer was one new share and an attached option for every three shares held.

The company got applications for 62.5 million shares from 379 of its 1,800 shareholders, leaving a shortfall of 57 million shares, it said in a statement to the NZX. Total funds raised from the rights issue, including the underwritten shortfall and before expenses was NZ$1.5 million. The offer was underwritten by Canaccord Genuity (Australia).

The capital raising follows a share purchase plan started in April that raised NZ$306,000.

New Talisman also owns 21.7 percent of Broken Hill Prospecting, which is planning to develop a cobalt project at Thackaringa near Australia’s Broken Hill.

The dual-listed shares last traded at 0.8 Australian cents on the ASX, valuing the company at about A$4.1 million, and have fallen by about a third this year. The NZX-listed stock was last at 1.1 cents and has dropped 46 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: Leighton-Led WGP To Build, Manage Transmission Gully

The Wellington Gateway Partnership, led by a unit of ASX-listed Leighton Holdings, has won the $1 billion contract to build the Transmission Gully road north of Wellington. More>>

ALSO:

Gareth Morgan: The Government’s Fresh Water Policy – Revisited

Fresh water quality is the latest area to be in the sights of Gareth Morgan and his research organisation The Morgan Foundation... They found that the fresh water policy was a bit murkier than the Environment Minister let on. More>>

ALSO:

Interest Rates: RBNZ Hikes OCR To 3.5%, ‘Period Of Assessment’ Now Needed

Reserve Bank governor Graeme Wheeler raised the official cash rate as expected, while signalling a pause in rate hikes to assess the impact of moves so far this year. The kiwi dollar sank after Wheeler said its strength was “unjustified” and that the currency could have “a significant fall.” More>>

ALSO:

Fonterra: Canpac Site 'Resize' To Focus More On Paediatrics

Fonterra is looking at realigning its packing operations at Canpac, in the Waikato, to focus more on paediatric nutritionals... The proposed changes could mean around 110 roles may not be required at the site which currently employs 330. More>>

ALSO:

Scoop Business: Postie Plus Brand Gets 2nd Chance With Well-Funded Pepkor

The Postie Plus brand is getting a new lease of life after South Africa’s Pepkor bought the failed retailer’s assets out of administration and said it will use its purchasing power to reduce costs of stock and fatten margins. More>>

ALSO:

Warming: Warming Signs From State Of Climate Report

Climate data from air, land, sea and ice in 2013 'reflect trends of a warming planet' -- says the latest State of the Climate report, launched by U.S. and New Zealand scientists. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news