24 October 2019
Market Announcements Office
Australian Securities Exchange
Exchange Centre
20 Bridge Street
SYDNEY NSW 2000
By electronic lodgement
Navarre Minerals Limited (ASX: NML)
Cleansing notice under Section 708A of the Corporations Act
Navarre Minerals Limited (Navarre) has today issued 43,181,900 fully paid ordinary shares (Shares) via a placement (Placement) to qualified sophisticated and professional investors as announced on 16 October 2019.
Navarre gives notice under section 708A(5)(e) of the Corporations Act 2001 (Cth) (Act) that:
- the Shares were issued without disclosure to investors under Part 6D.2 of the Act;
- as at the date of this notice, Navarre has complied with:
- the provisions of Chapter 2M of the Act as they apply to Navarre; and
- section 674 of the Act; and
- as at the date of this notice, there is no information that is 'excluded information' within the meaning of sections 708A(7) and 708A(8) of the Act.
Navarre Minerals Limited | ABN 66 125 140 105
40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia
t +61 3 5358 8625
e info@navarre.com.au | w navarre.com.au
Additional disclosure under ASX Listing Rule 3.10.5A
The Shares issued under the Placement were issued pursuant to the Company's additional 10% placement capacity under Listing Rule 7.1A. The following information is provided in accordance with the additional disclosure requirements of Listing Rule 7.1A.4(b) and Listing Rule 3.10.5A.
- The Company issued 43,181,900 ordinary shares under Listing Rule 7.1A, resulting in dilution of 9.0% to existing holders of ordinary securities prior to the Placement, as follows:
Shares | % | |
Number of shares on issue prior to the Placement | 435,060,251 | 91.0 |
Dilution as a result of the issue of shares under ASX LR 7.1A | 43,181,900 | 9.0 |
Number of shares on issue following the Placement | 478,242,151 | 100.0 |
- The Company issued shares as a placement to sophisticated and institutional investors, pursuant to the Company's placement capacity under Listing Rule 7.1A, as it was of the view that it was the most efficient mechanism for raising additional funds to achieve its stated objectives.
- The Placement was not underwritten.
- The fee of $246,507.87 (excluding GST) was payable by the Company to Hartleys Limited in connection with the Placement.
By order of the Board:
Colin Naylor
Director & Company Secretary
Navarre Minerals Limited
Navarre Minerals Limited | ABN 66 125 140 105
40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia
t +61 3 5358 8625
e info@navarre.com.au | w navarre.com.au
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Navarre Minerals Limited published this content on 24 October 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 October 2019 00:44:07 UTC