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
oxiana limited