Heron Resources Completes Stage 1 Equity Funding Package of $6.8M with Greenstone
Sydney, Australia (FSCwire) - Heron Resources Ltd. (ASX:HRR TSX:HER, “Heron” or the “Company”) is pleased to advise that it has completed the stage 1 $6.8 million investment from Greenstone Resources L.P. (“Greenstone”) announced to the market on 24 July 2015 (“the Placement”).
The Placement compliments the Company’s cash balance of $24.0 million at 30 June 2015, with additional funds which are to be used for the development of the Company’s Woodlawn Project and for working capital and general corporate purposes. The Placement was priced at 12.6c per share and represents a significant premium to the trading price of Heron equities at the time the transaction was announced.
The Placement of 54,131,658 ordinary shares has been made within the Company’s 15% placement capacity pursuant to ASX Listing Rule 7.1. Following completion of the Placement, Greenstone will be Heron’s largest shareholder with a 13% interest.
As noted in the release on July 24, 2015, the agreed arrangements also envisage a potential additional investment by Greenstone of $13.2 million (or such amount as would take Greenstone’s interest to up to 19.9% of Heron shares) as a contribution towards the equity funding component of the staged construction of the Company’s Woodlawn Zinc-Copper Project (“Project”). Any such additional funding is subject to the Company making a decision to proceed with the staged development of the Woodlawn Project, and with Greenstone being satisfied with the proposed terms of any such fundraising.
About Heron Resources Limited:
Heron is engaged in the exploration and development of base and precious metal deposits in Australia. Heron’s primary development project is the high grade Woodlawn Zinc-Copper Project located 250km southwest of Sydney, New South Wales.
For further information, please visit www.heronresources.com.au or contact:
Australia:
Mr Wayne Taylor, Mr Jon Snowball
Managing Director and Chief Executive Officer: FTI Consulting
Tel: +61 8 6500 9200 Tel: +61 2 8298 6100 or +61 477 946 068
Email: heron@heronresources.com.au Email: jon.snowball@fticonsulting.com
Canada:
Tel: +1 905 727 8688 (Toronto)
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/HeronAug162015.pdf
Source: Heron Resources Ltd. (TSX:HER, ASX:HRR) http://www.triausmin.com/
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