24th Jan 2005 10:11
Murchison United NL24 January 2005 ASX,AIM and Media Release 24th January 2005 PROPOSED CAPITAL RAISING UPDATE Further to the Company's announcement of 20 January 2005, the Company confirmsits intention to raise $2,600,000 through the placement of 57,777,777 ordinaryshares at $0.045 to sophisticated clients of Hartleys Limited. The funds raised will be used by the Company for working capital to reviewexisting assets and continue the Company's investigation of resourceopportunities in Australia and internationally to assess their appropriatenessfor the Company. The Company's current budget estimates that the funds will beexpended in the following categories: Brokers', legal, accounting and consultant Fees $ 456,000Project evaluation and review, due diligence and $1,000,000 potential project scoping Salaries $320,815Other Overheads (including share registry costs, listing fees $377,515 and office expenses) Additional working capital $445,670Total $2,600,000 Shareholders will continue to receive regular updates and will be informedimmediately an appropriate asset is secured. The issue is being undertaken in two tranches, with the first tranche comprisingof 29,700,000 shares at A$0.045 per share placed pursuant to the Company's 15%placement authority and the second tranche being 28,077,777 at A$0.045 per shareplaced subject to shareholder approval at a general meeting of shareholders, inrespect of which a notice of meeting will be forwarded to shareholders shortly.Subject to approval of shareholders the directors intend to participate in thisplacement to a maximum of $600,000. Murchison United NL anticipates receiving the funds from the first tranche ofthe placement by Monday 31 January 2005. Please call Mark Reilly or Joe Schiavi with any queries. Telephone +61 893814711 ............................ Mark ReillyExecutive Director This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Bos Glb Hldgs