Heritage Gold gives shareholders extra time for cobalt IPO
Dec. 2 (BusinessDesk) – Heritage Gold Ltd. is extending the time limit for shareholders to accept their preferential entitlement to shares in the initial public offering for Australian cobalt play Broken Hill Prospecting Ltd.
While Australian shareholders had responded swiftly to the release of a prospectus for the BHPL float, issued on Nov. 22, its coincidence with the Pike River coal mine disaster had delayed many New Zealand shareholders’ response, said Heritage Gold director Peter Atkinson.
As a result, the acceptance date was being extended to Dec. 20 from Dec. 6.
Under the timetable originally announced, BHPL shares are due to dual-list on the NZX and ASX, on a target date of Dec. 16.
Heritage has a 33% interest in BHPL, which has access to inferred cobalt deposits totalling 14 million tonnes at Thackaringa, in outback New South Wales.
The remainder is owned by an unlisted Australian investment company, So Co Ltd.
The IPO is seeking A$5 million through the issue of 25 million shares at A20 cents each, each with a free attaching three year option for every two shares purchased.