Rum Jungle Resources Ltd. Institutional Share Placement & Share Purchase Plan
02.12.2013 | ABN Newswire
Sydney, Dec 2, 2013 - Rum Jungle Resources Limited (ASX:RUM) is pleased to announce it has successfully completed a placement of 70,549,882 new shares at $0.14 per share to raise approximately $9.88 million from institutional and sophisticated investors.The placement was strongly supported and oversubscribed by RUM's existing institutional shareholders and by new investors. Morgans Corporate Limited was Lead Manager to the placement.
In addition RUM announces a Share Purchase Plan offer (SPP) enabling eligible shareholders to subscribe for up to $15,000 in new shares at $0.14 per share. The indicative SPP timetable1 is as follows:
Record date: Friday 29 November 2013
Offer documents issued: Wednesday 11 December 2013
SPP offer closes: Wednesday 15 January 2014
SPP shares allotted: Friday 24 January 2014
Details of the SPP will be in the offer documents sent to eligible shareholders.
Funds raised from the placement and SPP will be used to facilitate the completion of pre-feasibility studies for both the Ammaroo phosphate project and the Karinga Lakes potash project during 2014. In addition to technical mining and processing studies and the objective of converting resources to reserves, environmental approvals, native title and land use agreements, commercial arrangements with rail and port operators and the engagement of the fertiliser mineral markets will be pursued.
RUM's Managing Director David Muller said he was delighted with the ongoing support of existing shareholders and welcomed new institutions to the Company. "This successful capital raising will support the Company's long term efforts to develop these projects and reach operational milestones."
About Rum Jungle Resources Limited
Rum Jungle Resources (ASX:RUM) is an Australian Securities Exchange listed, diversified junior explorer focused on highly prospective land located in Australia’s Northern Territory and Queensland.
A Northern Territory and Queensland focussed mineral explorer with a portfolio including: Uranium, Potash, Phosphate and Base Metals.
Rum Jungle Resources has strategic alliances with other major Northern Territory explorers increases exposure to additional exploration areas.
Rum Jungle Resources has experienced geological management backed up by a solid financial base to fund exploration budgets.
Contact
Rum Jungle Resources Limited
T: +61-8-8942-0385
F: +61-8-8942-0318
www.rumjungleresources.com.au