Offering conducted at A$0.16 per share with Stichting Pensioenfonds
By Devika Patel
Knoxville, Tenn., July 19 - Jupiter Mines Ltd. said it settled a A$40 million private placement of shares.
The company sold the shares at A$0.16 apiece to Stichting Pensioenfonds ABP. The price per share is identical to the July 18 closing share price.
The company also is conducting an A$85 million rights issue on a 5-for-19 basis, also at A$0.16 per share.
Proceeds will be used to support the development of the company's manganese and iron ore assets in South Africa and Australia.
"Notwithstanding the current challenging environment in capital markets, the company has chosen to undertake this fundraising so as to not compromise its growth strategy," chairman Brian Gilbertson said in a press release. "Our three attractive projects are well advanced and should deliver significant shareholder value.
"This fundraising enables Jupiter to remain debt-free as it closes in on first production and cash-flow from the Tshipi manganese project. The rights issue element of this fundraising is aimed to provide an opportunity to the existing shareholders to invest at the same attractive terms as that of the private placement," Gilbertson said.
The iron ore and manganese explorer is based in Sydney, Australia.
| Issuer: | Jupiter Mines Ltd.
|
| Issue: | Shares
|
| Amount: | A$40 million
|
| Price: | A$0.16
|
| Warrants: | No
|
| Investor: | Stichting Pensioenfonds ABP
|
| Settlement date: | July 19
|
| Stock symbol: | Australia: JMS
|
| Stock price: | A$0.16 at close July 18
|
| Market capitalization: | A$280.06 million
|
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