The Directors of First Australian Resources Limited reported that the Company has resolved to raise up to $4 million through the placement of up to 50 million shares at an issue price of 8 cents per share. Hartleys Limited is corporate advisor to FAR and is the Lead Manager to the Offer.
The Placement of new shares will be undertaken within the Company’s ASX Listing Rule 7.1 15% placement capacity. In addition, and to allow all eligible shareholders to acquire up to $5,000 of FAR shares at the Placement price of 8 cents per share, the Company has resolved to undertake a Shareholder Purchase Plan.
The record date for the SPP is 5pm (WST) Friday, July 11, 2008. More information will be provided in the SPP offer letter which will be mailed to eligible shareholders in the week commencing Monday, July 14, 2008. The monies raised pursuant to the Placement and SPP will be applied to FAR’s exciting work program over the coming months, including:
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