GVM unknown

navigator oversubscribed

  1. 711 Posts.
    NAVIGATOR REACHES MINIMUM SUBSCRIPTIONS – IN SPECIE DISTRIBUTIUON TO PROCEED
    Golden Valley Mines Limited is pleased to announce that Navigator Resources Limited has confirmed that minimum subscriptions of $2.2 million have been reached and that the offer has closed heavily oversubscribed. Therefore, the Board of GVM will proceed with the proposed distribution in specie, of 14,313,434 shares currently held by GMV in Navigator.
    Shareholders of GVM registered as at the Record Date, namely 8 May 2003, will receive approximately 1 Navigator share for every 15 GVM shares held as at that date.
    The Board believes that Navigator is more likely to enjoy significant success now that it has sufficient funding dedicated to previously identified exploration targets. Furthermore, the in specie distribution delivers a significant benefit to GVM shareholders by way of a direct holding in Navigator, without forgoing their existing holding in GVM.
    The Company has also reached agreement to convert $670,000 of debt owing by Navigator to GVM to 3,350,000 shares in Navigator, ensuring that any exploration success enjoyed by Navigator will also be enjoyed by GVM.
    Navigator is planning to close its issue later this afternoon and seek quotation of its shares on ASX on or before by 15 September 2003.
    Yours sincerely,
    Blair Sergeant
    Company Secretary
 
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