Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Ridge Resources raises over A$4M completes acquisition of Cardinal Resources  Join our daily free Newsletter

MENAFN - ProactiveInvestors - Australia - 30/12/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - ProactiveInvestors - Australia) Ridge Resources (ASX:RID) has raised over 4 million through an underwritten rights issue, paving the way for the completion of the acquisition of Cardinal Resources.

As part of the non-renounceable rights issue, Ridge offered three new shares for every two ordinary shares held as well as a three for two free option, both at a price of 0.20.

The uptake on the offer raised 1.97 million with the shortfall of 2.02 million being underwritten by Azure Capital.

Ridge has completed the allotment of 20,450,576 fully paid ordinary shares and 30,675,869 attached options exercisable on or before 30 June 2014 as part of the rights issue.

It has also allotted and issued 33 million fully paid ordinary shares and 16.5 million attaching options to shareholders of Cardinal; 1,500,000 shares and 750,000 attaching options in full satisfaction of loans made to Cardinal; and 50 each Class A and Class B Performance shares convertible to 100,000 shares upon achievement of certain milestones.

Ridge has proposed future exploration activities at its gold projects in Ghana and Democratic Republic of Congo.

 






  MENA News Headlines


 
Click to Apply






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help