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

 


Chatham Rock Phosphate advises financing strategy

Media Release

26 February 2014

Chatham Rock Phosphate advises financing strategy

As recently advised CRP Managing Director Chris Castle recently made a repeat visit to London to meet UK based potential investors.

The visit proved to be successful.

Meetings were held with a number of investment groups that identified with the project and who indicated their interest in investing by means of private placement, subject to Chatham Rock Phosphate establishing a secondary listing on the London AIM market.

Accordingly the CRP board has agreed to proceed with the AIM listing process, which is expected only two to three months to complete (as there is no associated public offering).

In order to maintain our existing momentum, including filing our marine consent application (EIA) in the next few weeks, a decision has also been made to make a very attractively priced rights issue to existing shareholders. Details of this offer will be announced to shareholders on 14 March and the rights will be both renounceable and, subject to NZX approval, tradeable on the NZAX market. Shareholders will also be entitled to apply for shortfall from the offer in addition to their entitlement. It is also intended to establish a panel of underwriters in order to ensure that the issue is fully subscribed.

CRP holds a strategic, multi-million tonne organic rock phosphate deposit uniquely positioned to access Asian and Australasian fertiliser markets. It was granted a 20-year mining licence in 2013 and has recently applied for new prospecting licences both east and west of its existing licence areas that could significantly increase the scope of resources. The company is currently finalising its Environmental Impact Assessment for its Marine Consent application.

ENDS


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Tourism: China Southern Airlines To Fly To Christchurch

China Southern Airlines, in partnership with Christchurch Airport and the South Island tourism industry, has announced today it will begin flying directly between Guangzhou, Mainland China and the South Island. More>>

ALSO:

Dodgy: Truck Shops Come Under Scrutiny

Mobile traders, or truck shops, target poorer communities, particularly in Auckland, with non-compliant contracts, steep prices and often lower-quality goods than can be bought at ordinary shops, a Commerce Commission investigation has found. More>>

ALSO:

Auckland Transport: Government, Council Agree On Funding Approach

The government and Auckland Council have reached a detente over transport funding, establishing a one-year, collaborative timetable for decisions on funding for the city's transport infrastructure growth in the next 30 years after the government refused to fund the $2 billion of short and medium-term plans outlined in Auckland's draft Unitary Plan. More>>

ALSO:

Bullish On China Shock: Slumping Equities, Commodities May Continue, But Not A GFC

The biggest selloff in stock markets in at least four years, slumping commodity prices and a surge in Wall Street's fear gauge don't mean the world economy is heading for another global financial crisis, fund managers say. More>>

ALSO:

Real Estate: Investors Driving Up Auckland Housing Risk - RBNZ

The growing presence of investors in Auckland's property market is increasing the risks, and is likely to both amplify the housing cycle and worsen the potential damage from a downturn both to the financial system and the broader economy, said Reserve Bank deputy governor Grant Spencer. More>>

ALSO:

Annual Record: Overseas Visitors Hit 3 Million Milestone

Visitor arrivals to New Zealand surpassed 3 million for the first time in the July 2015 year, Statistics New Zealand said today. The record-breaking 3,002,982 visitors this year was 7 percent higher than the July 2014 year. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news