CRP 0.00% 23.0¢ unknown

Ann: GENERAL: CRP: CRP Secures Additional Capital

  1. lightbulb Created with Sketch. 2
    10/02/2015 16:56
    REL: 1656 HRS Chatham Rock Phosphate Limited
    GENERAL: CRP: CRP Secures Additional Capital
    As detailed in the recent notice of meeting for the special meeting to be
    held on 19 February 2015, Chatham Rock Phosphate (CRP) has a continued need
    to raise new capital. This is particularly given the unforeseen delays with
    receiving the decision on our marine consent application.
    CRP has today entered convertible loan agreements with qualified investors to
    raise a total of $245,000 in convertible loans. The summary terms of these
    loans are:
    Instrument:  Interest Free Mandatory Convertible Loan
    Conversion Condition:  Approval of the resolution to ratify placements at the
    19 February special meeting of CRP shareholders. If the resolution is not
    approved, the convertible loans will require repayment on 1 June 2015 and CRP
    will be required to pay interest on the loans at a rate of 15% per annum.
    Conversion Price: The Loans will convert to ordinary shares of CRP in March
    2015 at a 15% discount to the 20 day volume weighted average price of CRP's
    shares on the NZAX market.
    As previously announced to the market, the Environmental Protection Authority
    has advised that its decision on the outcome of CRP's application for a
    marine consent over an area of the Chatham Rise in New Zealand territorial
    waters will be released tomorrow. The CRP Board has decided to hold off on
    any further capital raising pending the outcome of the decision.
    On behalf of the Board,
    Chris Castle
    Chief Executive Officer
    Email: [email protected]
    End CA:00260458 For:CRP    Type:GENERAL    Time:2015-02-10 16:56:36
GET SUPPORT arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.