Ammtec

Ammtec announces the successful placement of $11.5 million to institutional investors. Existing shareholders will also have the opportunity to participate via a Share Purchase Plan which will raise a further $2 million.

 

The Board has also declared a final dividend of 10cents per share payable in October 2009.

 

The placement, which is cum dividend, will be conducted in two tranches. The first which will settle on 13 July will raise $6.5 million. Subject to shareholder approval, the second tranche will raise the balance of $5 million.

 

The Chairman David Macoboy and Non-executive Director Ross Norgard both wish to participate in the placement to the extent of $100,000 and $500,000 respectively. Their participation is subject to shareholder approval.

 

The SPP, which is also cum dividend, will be available to all registered shareholders as at 6 July 2009 to subscribe for up to $15,000 worth of shares.

 

The capital will be used to fund a new state of the art hydrometallurgical pilot plant facility adjoining our existing facilities in Western Australia. The purpose built laboratory will be used to conduct large scale hydromet pilot testing on Nickel, uranium and other base metals.

 

A General Meeting will be held on 13 August 2009 to confirm the issue of the second tranche of shares including those to Directors.

 

The Notice of Meeting and SPP offer will be mailed to shareholders on 9 July 2009.

 

The private placement was managed by Foster Stockbroking, and the SPP is not underwritten.

 

Further information required by ASX Listing Rule 3.10.3 in relation to the placement and Share Purchase Plan can be found in the announcement on this website.