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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Creat Res Ld | LSE:CRHL | London | Ordinary Share | AU000XINAAD8 | ORD NPV (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.18 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMCRHL
RNS Number : 5562C
Creat Resources Holdings Ltd
02 May 2012
2 May 2012
Creat Resources Holdings Limited
("CRHL" or "the Company") Galaxy Update - Galaxy Raises $2.5m through Share Purchase Plan
Creat Resources Holdings Limited ("CRHL") (AIM: CRHL)is pleased to announce that ASX-listed Galaxy Resources Limited ("Galaxy"), in which CRHL has a major shareholding, has today announced that it has successfully raised A$2.5million via a Share Purchase Plan ("SPP"), which was launched in conjunction with a A$30 million Placement ("Placement") to support the Company's recommended merger ("Proposed Merger") with Lithium One Inc (TSX-V: LI, "Lithium One").
Galaxy said it received applications for a total of 2.92 million ordinary shares from existing eligible shareholders, and that the SPP was now closed.
Together with the Placement proceeds, existing funds available to the merged entity, and Lithium One's A$10 million in cash reserves, the SPP funds will be used for working capital for the Mt Cattlin Mine and Jiangsu Lithium Carbonate Plant, to accelerate development of the Sal de Vida Lithium Project in Argentina, debt servicing, capital raising fees and merger costs.
Galaxy Managing Director Iggy Tan said: "The Galaxy Board wishes to acknowledge the support of shareholders in the Share Purchase Plan."
Galaxy added the allotment of the shares had occurred and holding statements would be dispatched to shareholders shortly.
Galaxy also updated regarding the proposed merger with Lithium One that the Merger was progressing as planned on both sides, with the Target Circular expected to be finalised in the next fortnight.
The Proposed Merger, which is unanimously recommended by both the Galaxy and Lithium One Boards, and is supported by key shareholders of both companies, requires Lithium One shareholder approval at a shareholder meeting which is expected to be held in early June 2012.
Galaxy shareholders will also be asked to vote on certain resolutions relating to the Proposed Merger at an Extraordinary General Meeting (EGM) presently intended to be held before the Lithium One shareholder meeting also in early June 2012.
For further information on Galaxy, please visit www.galaxyresources.com.au
For further information please visit www.creatresources.com or contact:
Creat Resources Holdings Limited Tel: +61 3 6216 2700 Morris R. Hansen Company Secretary Evolution Securities Limited (Nominated Tel: +44 20 7597 Adviser) 5714 Jeremy Ellis Evolution Securities China Limited Tel: +44 20 7071 (Broker) 4300 Tim Worlledge
About Creat Resources Holdings Limited
CRHL is an early stage mining exploration company holding 4 Exploration Licences and 3 Retention Licences covering 109 square kilometres around the mineral rich Zeehan area in western Tasmania. CRHL also has a strategy of acquiring assets in interesting resources companies that complement or supplement the Company's exploration activities. CRHL is a major shareholder of Galaxy Resources Ltd ("Galaxy") with an interest of 11.78% shareholding. Galaxy is an Australian-based integrated lithium mining, chemicals and battery company listed on the Australian Securities Exchange (Code: GXY) and is a S&P/ASX 300 Index Company. Galaxy plans to be one of the world's largest lithium carbonate producers and is positioning itself to be involved in every step of the lithium supply chain.
This information is provided by RNS
The company news service from the London Stock Exchange
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