HDR hardman resources limited

hardman resources places 72 mln shares at a$1.10 a

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    Wednesday March 31, 4:21 PM
    Hardman Resources Places 72 Mln Shares At A$1.10 A Shr
    Edited Press Release

    LONDON (Dow Jones)--Hardman Resources said Wednesday that it has placed 72,000,000 ordinary shares at A$1.10 (GBP0.455) per share.

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    The placement is with Australian and European (principally U.K.) institutional investors to raise A$79,200,000 (GBP32,760,000), before expenses.

    The placement has been managed by Macquarie Equity Capital Markets Limited and co-managed by Euroz Securities Limited in Australia, and managed by Oriel Securities Limited and co-managed by Collins Stewart in the United Kingdom.

    The company also announces an open offer to existing shareholders on the basis of one new share for every six shares held at A$1.10 (GBP0.455) per share to raise up to A$88,386,838 (GBP36,560,010) before expenses.

    Woodside Mauritania Investments Pty Ltd has undertaken that it will participate in the placement and that it will take up its entitlement in the entitlement issue in order to maintain its percentage holding in the Company.

    The Directors consider that this use of funds will put the Company in a strong position to realise its strategic goals and that the fundraising is therefore in the best interests of the Company and its shareholders.
 
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