20th Jan 2005 07:46
Murchison United NL20 January 2005 ASX,AIM and Media Release 20th January 2005 PROPOSED CAPITAL RAISING The Board of Murchison United NL is pleased to announce that the Company hasreached an in principle agreement with Hartleys Limited to place approximatelyA$2.6 million to its clients through the issue of 57,777,777 ordinary shares atA 4.5 cents per share. The placement price of 4.5 cents per share represents a discount of 18% to theVolume Weighted Average Price since 1 December 2004 of 5.5 cents per share. 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 director's also intend to participate inthis placement to a maximum of $600,000. Executive Director Mark Reilly said, "The capital raising will provide thecompany with the necessary working capital to continue its investigation ofvarious resource opportunities and assess their appropriateness for thecompany." 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. ............................ Mark ReillyExecutive Director This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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