Oxiana Resources advises that 99% of its listed options have been exercised by optionholders into ordinary shares. The 1% shortfall will be taken up by the Underwriters.
Oxiana had on issue 236m listed Options (OXROA) which were convertible into ordinary shares at 25 cents on or before 30/09/02. The Options delisted on 23/09/02. In early July and early September
2002 Oxiana entered agreements for the Options exercise to be fully underwritten. The Options have been exercised to the extent of 99% by optionholders leaving a shortfall of only 1%.
Gross funds received are approximately $59 million. These funds are being applied to completing construction of the Sepon Gold Project, working capital and repayment of the ANZ short term bridging loan.
The nearly 100% uptake demonstrates clear confidence in Oxiana and its growth strategy. Oxiana plans to enter gold production in 2003 both debt and hedging free.
O L Hegarty MANAGING DIRECTOR
OXR Price at posting:
0.0¢ Sentiment: None Disclosure: Held