Proposed issue of securities
Announcement Summary
Entity name
MIDDLE ISLAND RESOURCES LIMITED
Announcement Type
New announcement
Date of this announcement 16/5/2023
The Proposed issue is:
A placement or other type of issue | ||
Total number of +securities proposed to be issued for a placement or other type of issue | ||
Maximum Number of | ||
ASX +security code | +Security description | +securities to be issued |
MDI | ORDINARY FULLY PAID | 18,240,000 |
Proposed +issue date
14/8/2023
Refer to next page for full details of the announcement
Proposed issue of securities | 1 / 5 |
Proposed issue of securities
Part 1 - Entity and announcement details
1.1 Name of +Entity
MIDDLE ISLAND RESOURCES LIMITED
We (the entity named above) give ASX the following information about a proposed issue of +securities and, if ASX agrees to +quote any of the +securities (including any rights) on a +deferred settlement basis, we agree to the matters set out in Appendix 3B of the ASX Listing Rules.
If the +securities are being offered under a +disclosure document or +PDS and are intended to be quoted on ASX, we also apply for quotation of all of the +securities that may be issued under the +disclosure document or +PDS on the terms set out in Appendix 2A of the ASX Listing Rules (on the understanding that once the final number of +securities issued under the +disclosure document or +PDS is known, in accordance with Listing Rule 3.10.3C, we will complete and lodge with ASX an Appendix 2A online form notifying ASX of their issue and applying for their quotation).
1.2 | Registered Number Type | Registration Number |
ABN | 70142361608 | |
1.3 | ASX issuer code | |
MDI |
- The announcement is New announcement
- Date of this announcement
16/5/2023
1.6 The Proposed issue is:
A placement or other type of issue
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Proposed issue of securities
Part 7 - Details of proposed placement or other issue
Part 7A - Conditions
7A.1 Do any external approvals need to be obtained or other conditions satisfied before the placement or other type of issue can proceed on an unconditional basis?
Yes
7A.1a Conditions
Approval/Condition | Date for determination | Is the date estimated or |
Other (please specify in | 14/8/2023 | actual? |
Estimated | ||
comment section) | ||
Comments |
Part 7B - Issue details | |
Is the proposed security a 'New | Will the proposed issue of this |
class' (+securities in a class that is | +security include an offer of |
not yet quoted or recorded by ASX) | attaching +securities? |
or an 'Existing class' (additional | No |
securities in a class that is already | |
quoted or recorded by ASX)? | |
Existing class | |
Details of +securities proposed to be issued | |
ASX +security code and description | |
MDI : ORDINARY FULLY PAID |
Number of +securities proposed to be issued
18,240,000
Offer price details
Are the +securities proposed to be issued being issued for a cash consideration?
No
- Approval received/condition met?
No
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Proposed issue of securities
Please describe the consideration being provided for the +securities
Full settlement of acquisition of exploration tenements
Please provide an estimate of the AUD equivalent of the consideration being provided for the +securities
638,400.000000
Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that class?
Yes
Part 7C - Timetable
7C.1 Proposed +issue date
14/8/2023
Part 7D - Listing Rule requirements
7D.1 Has the entity obtained, or is it obtaining, +security holder approval for the entire issue under listing rule 7.1? No
7D.1b Are any of the +securities proposed to be issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1?
Yes
7D.1b ( i ) How many +securities are proposed to be issued without security holder approval using the entity's 15% placement capacity under listing rule 7.1?
18240000
7D.1c Are any of the +securities proposed to be issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A (if applicable)?
No
7D.2 Is a party referred to in listing rule 10.11 participating in the proposed issue? No
7D.3 Will any of the +securities to be issued be +restricted securities for the purposes of the listing rules? No
7D.4 Will any of the +securities to be issued be subject to +voluntary escrow? Yes
7D.4a Please enter the number and +class of the +securities subject to +voluntary escrow and the date from which they will cease to be subject to +voluntary escrow
18,240,000 ASX:MDI shares are to be voluntarily escrowed for a period of 12 months from date of Completion, which is expected to be no later than 14 August 2024 and may be earlier of Completion occurs before 14 August 2023
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Proposed issue of securities
Part 7E - Fees and expenses
7E.1 Will there be a lead manager or broker to the proposed issue? No
7E.2 Is the proposed issue to be underwritten? No
7E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed issue
Part 7F - Further Information
7F.01 The purpose(s) for which the entity is issuing the securities
Acquisition of exploration tenements
7F.1 Will the entity be changing its dividend/distribution policy if the proposed issue proceeds? No
7F.2 Any other information the entity wishes to provide about the proposed issue
7F.3 Any on-sale of the +securities proposed to be issued within 12 months of their date of issue will comply with the secondary sale provisions in sections 707(3) and 1012C(6) of the Corporations Act by virtue of:
Not applicable - the entity has arrangements in place with the holder that ensure the securities cannot be on-sold within 12 months in a manner that would breach section 707(3) or 1012C(6)
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Disclaimer
Middle Island Resources Limited published this content on 16 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 May 2023 03:59:10 UTC.