East Africa to undertake a 1 for 3 non-renounceable entitlement issue of approximately 75,802,547 shares at an issue price of $0.01 per share.
January 8, 2014 (Source: East Africa Resources) — East Africa Resources Limited (ASX:EAF) is pleased to announce that it will undertake a 1 for 3 entitlement issue to all eligible shareholders on the record date, 17 January 2014, of approximately 75,802,547 shares at an issue price of $0.01 per share.
The share issue will raise approximately $758,025 before costs and will be applied to funding East Africa’s exploration activities and working capital.
Non-renounceable 1 for 3 Entitlement issue to eligible shareholders registered on the record date, 4.00pm AWST, 17 January 2014.
The Entitlement Issue will offer each Eligible Shareholder the right to subscribe for one (1) new share (“New Share”) in the capital of the Company for every three (3) shares held by that shareholder on the Record Date, at an issue price of 1 cent per New Share to raise up to $758,025 before expenses of the Entitlement Issue.
The Entitlement Issue will open on 22 January 2014 and close on 11 February 2014.
The timetable for the share issue program follows below.
|ENTITLEMENT ISSUE INDICATIVE TIMETABLE|
|Announcement of Entitlement Issue and Application for Quotation of New Shares (Appendix 3B)||Wednesday, 8 January 2014|
|Letter to Shareholders advising of Entitlement Issue||Friday, 10 January 2014|
|Ex-Date: Shares Quoted ex-Entitlement||Monday, 13 January 2014|
|Record Date||Friday, 17 January 2014|
|Issue Cleansing Notice in accordance with Section 708AA of Corporations Act||Wednesday, 22 January 2014|
|Despatch offer of Entitlement Issue to Eligible Shareholders||Wednesday, 22 January 2014|
|Closing Date||Tuesday, 11 February 2014|
|Securities quoted on a deferred settlement basis||Wednesday, 12 February 2014|
|Notification of under subscriptions||Friday, 14 February 2014|
|Despatch of Holding Statements and deferred settlement ends||Wednesday, 19 February 2014|
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