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

 


Chatham Rock Phosphate Share Purchase Plan


Chatham Rock Phosphate Share Purchase Plan


Chatham Rock Phosphate has decided to offer a further share purchase plan offer to Shareholders. The company has achieved several key milestones in the year since its last share purchase plan offer and in order to maintain operational momentum further capital is required.


The SPP will offer existing shareholders the opportunity to subscribe for up to $15,000 of new shares at an issue price of $0.33 per share. The record date for the plan is 14 December 2012.


The issue price of $0.33 per share represents a 17.5% discount to the market price at the close of trading today and also represents the last price at which Chatham Rock Phosphate completed private placements.


“Eligible persons” (as defined in the Securities Act 1978) are also entitled to apply for any shortfall from the SPP at the issue price. The shortfall shares will be of a number equal to the maximum number of shares offered under the SPP less all the shares allotted under the SPP.

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.

The Company has generated a lot of momentum for its rock phosphate project and we believe we remain on track to achieve our ultimate goal of going into production on or before New Year 2015. The capital to be raised by this SPP will play a vital role in ensuring the project maintains momentum and reaches production stage in accordance with the current projected timeframes.

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>

ALSO:

Houses (& Tobacco) Lead Inflation: CPI Up 0.3% In March Quarter

The consumers price index (CPI) rose 0.3 percent in the March 2014 quarter, Statistics New Zealand said today. Higher tobacco and housing prices were partly countered by seasonally cheaper international air fares, vegetables, and package holidays. More>>

ALSO:

Notoriously Reliable Predictions: Budget To Show Rise In Full-Time Income To 2018: English

This year’s Budget will forecast wage increases through to 2018 amounting to a $10,500 a year increase in average full time earnings over six years to $62,200 a year, says Finance Minister Bill English in a speech urging voters not to “put all of this at risk” by changing the government. More>>

ALSO:

Prices Up, Volume Down: March NZ House Sales Drop 10% As Loan Curbs Bite

New Zealand house sales dropped 10 percent in March from a year earlier as the Reserve Bank’s restrictions on low-equity mortgages continue to weigh on sales of cheaper property. More>>

ALSO:

Scoop Business: Chorus To Appeal Copper Pricing Judgment

Chorus will appeal a High Court ruling upholding the Commerce Commission’s determination setting the regulated prices on the telecommunications network operator’s copper lines. More>>

ALSO:

Earlier:

Cars: Precautionary Recalls Announced For Toyota Vehicles

Toyota advises that a number of its New Zealand vehicles are affected by a series of precautionary global recalls. Toyota New Zealand General Manager Customer Services Spencer Morris stressed that the recalls are precautionary. More>>

ALSO:

'Gardening Club': Air Freight Cartel Nets Almost $12 Million In Penalties

The High Court in Auckland has today ordered Swiss company Kuehne + Nagel International AG to pay a penalty of $3.1 million plus costs for breaches of the Commerce Act. Kuehne + Nagel’s penalty brings the total penalties ordered in this case to $11.95 million ... More>>

ALSO:

Crown Accounts: Revenue Below Projections

Core Crown tax revenue has increased by $1.9 billion (or 5.0%) compared to the same time last year. However this was $1.1 billion less than expected and is reflected across most tax types, continuing the pattern of recent months. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news