OXR oxiana limited

OXR Listed Options - 99% Exercised

  1. 34 Posts.
    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

 
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