Shareholder Share Plan Update
Sydney, May 29, 2015 AEST (ABN Newswire) - Strategic Elements Limited (
ASX:SOR) is pleased to provide an update on the Company's Share Purchase Plan (SPP) which closed yesterday.
Shareholders overwhelmingly supported the SPP with over $2,171,000 in applications received as at the time of this announcement.
As previously announced the Company intends to accept $750,000 of applications under the SPP on a first received basis. These applications will be accepted in full.
Under the terms of the SPP the Company can amend the total amount of capital to be raised. The Company intends to accept a further $450,000 at the Directors discretion bringing the total amount raised to $1,200,000.
The additional capital raised under the SPP will be used to progress the memory technology being developed under licence from the University of NSW. All existing shareholders will benefit from the increase in funding available to 100% owned Australian Advanced Materials Pty Ltd.
Applications over this amount will be returned to shareholders.
The Share Registry will reconcile all applications for eligibility by this Tuesday June 2nd 2015. The Company intends to update shareholders on their application, the expected date of allotment and quotation at this time.
Application funds rejected or scaled back will be sent by cheque after the allotment date.
About Strategic Elements Ltd
Strategic Elements (ASX:SOR) shares are listed on the Australian Stock Exchange under the code “SOR”. The Company is registered under the Pooled Development Program run by the Australian Federal Government to encourage investment into SME’s. To assist Pooled Development Fund’s to invest and raise capital, the Federal Government enables most shareholders in a Pooled Development Fund to make capital gains and receive dividends tax-free.
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