??…..for those who hold plse read the announcement dated 22/7/09 & this one………..suppose thats why the lull .
24 July 2009
Dear Shareholder
NON-ROUNCEABLE ENTITLEMENTS OFFER OF SHARES
On 22 July 2009 Sandfire Resources NL (Sandfire or the Company) announced a 1 for 10 pro rata non-renounceable entitlements issue to shareholders.
The Company’s current issued securities are as follows.Number Class Quoted
84,570,415 Ordinary fully paid shares
11,975,529 Ordinary contributing shares paid to $0.0001 with $0.15 payable
Unquoted
2,000,000 Options exercisable at $0.50 expiring 30/9/2011
840,000 Options exercisable at $0.35 expiring 7/2/2011
1,420,000 Options exercisable at $0.40 expiring 8/8/2011
6,000,000 Options exercisable in three tranches at $0.60, $0.80 and $1.00 respectively
expiring 12/7/2013
1,000,000 Options exercisable at $1.40 expiring 6/7/2012
The Entitlements Issue will be offered to shareholders on the basis of one new share (New Share) for every ten shares held at the record date, at an issue price of $1.20 per New Share,to raise up to approximately $11.6 million before costs. Based on the Company’s current issued share capital, the Entitlements Issue will result in up to 9,654,595 New Shares being issued,
increasing the total issued share capital on completion of the Entitlements Issue, assuming it is fully subscribed, to 94,225,010 shares. Fractional entitlements to New Shares will be rounded down to the next whole number. There is no minimum subscription under the Entitlements Issue.
If existing eligible options were exercised by the Record Date, the maximum number of New Shares that could be offered under the Entitlements Issue would increase from 9,654,595 to
10,633,595.
The New Shares will rank pari passu with the Company’s existing ordinary shares from the date of their issue.Sandfire also announced 31 July 2009 at 5.00pm (WST) as the Record Date for the purposes of determining shareholders entitled to participate in the Entitlements Issue.The Entitlements Issue is not underwritten, but Argonaut Securities Pty Ltd has been appointed to act as advisor and broker to the issue and will be entitled to a fee of 1 percent of the gross amount raised under the Entitlements Issue (plus GST).An Offer Document containing further details of the Entitlements Issue was lodged with ASX on 22 July 2009 and will be despatched to all eligible shareholders on 5 August 2009. The Offer Document and Appendix 3B relating to the Offer are available on ASX website (company
announcements section, ASX code SFR) at www.asx.com.au.
If you are eligible and wish to participate please read the Offer Document when you receive it and carefully follow the instructions contained therein. The Offer is expected to close at 5.00pm
(WST) on 19 August 2009.
24 July 2009
2 | P a g e
The Company intends to apply the funds raised to accelerate the drilling activities at the Doolgunna Project, with a view to testing the overall extent and scale of the mineralisation defined to date at the DeGrussa and adjacent Conductor 1 prospects and commencing in-fill resource definition drilling this year. The funds raised will also enable the Company to meet its ongoing expenditure commitments and progress exploration activities across the balance of its exploration portfolio, which includes manganese, iron ore, base metal and gold exploration projects in Western Australia and the Northern Territory. However, the priority for the Company will be to allocate a majority of its resources to the Doolgunna Project in the short to medium term.
A summary of key information and offer timetable are set out below for your information.
Summary of key information
Type of offer Non-renounceable pro rata entitlement issue to
shareholders of up to approximately 9,654,595 shares
Offer price: $1.20 per share
Offer ratio: One New Share for every ten existing shares held at
the Record Date
Amount to be raised: Approximately $11.7 million
*Timetable
Offer Document and Appendix 3B lodged with ASX 22 July 2009
Notice of Issue sent to Shareholders 24 July 2009
“Ex” Date 27 July 2009
Record Date 31 July 2009 (5.00pm WST)
Despatch of Offer Document and applications open 5 August 2009
Closing Date (acceptances close) 19 August 2009 (5.00pm WST)
Anticipated despatch of statements 27 August 2009
Normal (T+3) trading starts 28 August 2009
*Dates subject to change and indicative only. Sandfire reserves the right to amend this timetable
including, subject to the Corporations Act 2001 (Cth) and the Listing Rules of ASX, the right to
extend the Closing Date.
If you are eligible and wish to participate in the Offer, it will be necessary for you to complete
your personalised Entitlement and Acceptance Form, which will accompany your copy of the
Offer Document, in accordance with the instructions contained therein before the Closing Date.If you require further information please contact the Company during normal working hours.
Yours faithfully
J Mathie
COMPANY SECRETARY
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