Share Purchase Plan Underwritten
Adelaide, Sep 19, 2014 AEST (ABN Newswire) - As announced on 18 September 2014, Valence Industries (
ASX:VXL) is offering a Share Purchase Plan to all eligible shareholders in Australia and New Zealand at an issue price of 70 cents per Share (SPP).
The SPP permits all eligible shareholders to participate on the same basis as the recent placement by the Company.
SPP Underwriting
The Company is pleased to confirm that it has entered into an underwriting agreement with Patersons Securities Limited (Patersons).
Pursuant to the underwriting agreement Patersons will underwrite the SPP up to the amount of $3,000,000, subject to standard terms and conditions. Patersons has also agreed to act as the lead manager to the SPP.
Use of Funds
The funds raised under the SPP will be used for the same purposes as the recent placement. In particular, the funds will be used to complete the feasibility study process, assess new high grade mineralisation, permit early work on Phase II and for operating capital requirements.
Further details of the underwriting arrangements, and the terms and conditions of the SPP, will be set out in an offer letter that will be sent to shareholders on Friday 26 September 2014.
About Valence Industries Ltd
Valence Industries Limited (ASX:VXL) is an industrial manufacturing company producing high grade flake graphite products for distribution and sale to global markets. Valence Industries owns established processing facilities and infrastructure to manufacture a wide range of graphite product lines for multiple applications and multiple industries. Valence Industries produces and sells its graphite products from its Uley Graphite facilities in regional South Australia for delivery to diversified markets for graphite in the Asia Pacific, Europe and North America. Visit Valence Industries
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