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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Eurogold | LSE:EUG | London | Ordinary Share | AU000000EUG0 | ORD SHS NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number : 3765X Eurogold Limited 24 June 2008 EUROGOLD L I M I T E D (ACN 009 070 384) 24 June 2008 ASX & AIM Symbol "EUG" NON-Renounceable Rights Issue, Share Consolidation and Cancellation of AIM Listing * Eurogold Limited ("Eurogold") is pleased to announce an underwritten non-renounceable rights issue (Rights Issue) of one new Share for every one Share held to raise approximately $9.6 million before costs. * The funds raised from the Rights Issue will expand the range and size of investment opportunities that Eurogold can pursue. * Eurogold also proposes to cancel its listing on the AIM market and to seek shareholder approval to consolidate its share capital on a 10:1 basis. Non-Renounceable Rights Issue Eurogold is pleased to announce a non-renounceable Rights Issue to raise a maximum of $9,590,385 before costs. The Rights Issue will offer one new Share for every one Share held on the Record Date at an issue price of $0.03 per share. The Rights Issue is being fully underwritten by RFC Corporate Finance Ltd and sub-underwritten by Sun Hung Kai Investment Services Ltd (subject to formal documentation). A prospectus for the Rights Issue, which will include a timetable of key dates, is currently being finalized and is expected to be released to the market and despatched to shareholders during the next week. An ASX Appendix 3B in relation to the rights issue is attached to this announcement. Proposed Share Consolidation and General Meeting Eurogold also proposes to seek shareholder approval for a 10:1 consolidation of its share capital. A general meeting of shareholders is proposed to be held prior to the end of July 2008 for this purpose. A notice of meeting is expected to be released to the market and despatched to shareholders during the next week. The Rights Issue will be completed prior to the consolidation of capital taking effect. At the same meeting, Eurogold intends to also seek shareholder approval for the issue of 3,500,000 Options exercisable at $1.00 (on a post consolidation basis) with an expiry date of 30 June 2014 to shareholders who participated in a placement in July 2006 and the issue of a further 500,000 of such Options to entities associated with Mr Peter Gunzburg in relation to the conversion of debts owed by the Company to Mr Gunzburg in July 2006. Shareholders previously approved the issue of Options (on identical terms to the new Options other than for an expiry date of 30 June 2009) in relation to both the July 2006 placement and the conversion of debts owed to Mr Gunzburg. However, for various reasons such Options were not issued. Eurogold is required to seek shareholder approval again to grant the Options given the extended expiry date and so that their issue does not affect its 15% placement capacity. Consolidated Share Capital and Funding Position After the proposed 10:1 share consolidation the Company will have approximately 64 million shares on issue and cash and listed investments of approximately $15.7 million (equating to approximately 25 cents per share). The Company also has a contingent receivable of US$3 million (equating to approximately 5 cents per share) due from Resource Invest LLC (RIL) when a regulatory milestone relating to the advancement of the Saulyak Gold Projectin the Ukraine, previously sold by Eurogold to RIL, is met. Use of Funds and Future Investment Strategy In a general meeting of Shareholders held on 10 July 2007 and following the disposal of its projects, the Directors advised that the Company would become a strategic investment company. As an investment company, Eurogold intends to actively pursue opportunities in the resources sector by way of direct equity investments in companies with resource projects or directly into projects by way of ownership, joint ventures or farm in arrangements. To that end, the Company has previously announced that it has acquired a 19.89% interest in the ASX listed gold explorer, Golden Tiger Mining NL. Golden Tiger has several gold exploration projects in Guangxi Province in southern China which have delivered some very encouraging exploration results to date. The additional funds raised from the rights issue will enable Eurogold to pursue an expanded range of investment opportunities and make larger single investments than it could using its existing resources. Cancellation of AIM Listing Eurogold is currently listed on both the ASX and on the AIM Market of the London Stock Exchange. However, as a result of selling its previous main undertaking, the Saulyak gold project, Eurogold was due to be suspended from AIM on 10 July 2008 and would have had a further 6 months in which to complete a "reverse takeover" transaction or otherwise have its AIM listing cancelled. Given this situation and the ongoing costs (of around $150,000 per annum) of maintaining the AIM listing, Eurogold has therefore sought to cancel its AIM listing. The cancellation will take effect at 7am UK time on Thursday 24 July 2008 with the last day of trading of Eurogold shares on AIM being on 23 July 2008. In light of the cancellation on 24 July 2008 the AIM suspension on 10 July 2008 will now no longer occur. All shareholdings held through Eurogold's UK share registry will be migrated to Eurogold's Australian share register (managed by Computershare) immediately following the cancellation date. However, shareholders may elect to transfer their holding before such date if they choose. A letter will be sent to holders on the UK share registry providing further details on this process. Peter Gunzburg Chairman For further information, please contact: Peter Gunzburg - Managing Director - Ph: +61 8 9481 0572, Email: peter@eurogold.com.au RFC Corporate Finance Ltd acts as Eurogold's Nominated Adviser Contact: Stuart Laing - Ph: +61 8 9480 2506, Email: stuartl@rfc.com.au This information is provided by RNS The company news service from the London Stock Exchange END IOEVZLBLVQBEBBE
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