GTM giants reef mining limited

Giants Reef to try again!!

  1. 42 Posts.
    GTM - Appendix 3B: !:3 Renou 1/2 (P)
    AAP News
    15:40:020 5/07/2002
    GTM - ASX Company Announcement
    $gol3 THIS IS A PRIORITY ITEM
    5 July 2002
    Part 1/2
    --------
    GIANTS REEF MINING LIMITED
    --------------------------

    HOMEX - Perth
    -------------------------
    Appendix 3B: !:3 Renounceable Entitlements Issue

    The Directors of Giants Reef Mining Limited are pleased to announce
    that it has lodged a Prospectus with the ASIC today for the offer of
    up to 140,452,320 Shares at an issue price of $0.036 each, together
    with 140,452,320 free attaching Options to raise up to $5,056,284 if
    fully subscribed.

    The offer is a Pro-rata Non-renounceable Entitlements Issue made to
    existing Shareholders of Giants Reef Mining Limited on the basis of
    one new Share (and one free attaching 30 June 2004 Option) offered
    for every three shares held at the Record Date. The Record Date has
    been set at close of business 16 July 2002. Shareholders may apply
    for additional Shares beyond their 1:3 entitlement, subject to
    availability and the discretion of Directors.

    The Shares will rank pari passu with the existing shares. Each Option
    is exercisable into a Share by the payment of $0.10 per Option at any
    time prior to 5:00PM Western Standard Time on the 30 June 2004.

    The Company is currently completing a feasibility study, with its
    joint venture partners, of the high grade Chariot Gold Deposit in
    Tennant Creek NT with development planned to commence in the October
    to December quarter of 2002. Funds raised from the Entitlements
    issue, if fully subscribed, will be directed towards:

    - Mine construction work at Chariot;
    - Refurbishing the 100% owned Warrego Ore Treatment Plant;
    - Maintaining exploration covenants;
    - Providing additional working capital.

    Of strategic importance to the Company is retaining 100% ownership in
    the Warrego Ore Treatment Plant, which when operational will be the
    only treatment facility on the entire Tennant Creek Mineral Field.
    This together with Giants Reef's extensive tenement holdings in the
    field positions the Company well for long term growth.

    Full details of the Offer are included in the Prospectus.
    Shareholders and investors are urged to read the Prospectus in full.

    Appendix 3B is attached as an annexure to this announcement.

    C W Duchatel
    CHAIRMAN

    MORE TO FOLLOW


 
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