Completion of Rights Issue
Perth, Nov 27, 2015 AEST (ABN Newswire) - On 30 October 2015, Fertoz Ltd (
ASX:FTZ) announced a fully underwritten non-renounceable pro rate entitlement offer to raise $1,007,875 ("Entitlement Offer").
The Company is pleased to announce that the Entitlement Offer closed at 5:00 pm on 24 November 2015 and that eligible shareholders have subscribed for 4,181,472 new shares which will raise $627,221.
The balance of 2,537,692 new shares (representing approximately $380,654) in respect of which entitlements were not taken up by Eligible shareholders will be allocated to the underwriter Blackwood Capital Pty Ltd ("Blackwood Capital").
Blackwood Capital has received significant interest from third party investors in relation to the taking up the "Discretionary Placement" which if successful could raise up to an additional $840,000.
James Chisholm, non-executive Chairman of the Company commented: "We are very pleased with the more than 60% uptake by shareholders, an outstanding achievement in the current market. As well, we are delighted with the progress on the Discretionary Placement. The funds will be used to progress our Canadian projects into regular production. Things are coming together for us now after the last two years of planning and development. We look forward to updating shareholders over the coming months as we execute our production strategy."
The settlement date for the New Shares and New Options offered under the Entitlement Offer (including the shortfall shares that Blackwood is required to apply for) is Wednesday, 2 December 2015 with the issue of the 6,719,164 New Shares, 6,719,164 New Options and 2,000,000 Underwriter Options expected to occur on Thursday, 3 December 2015. The Company will be seeking quotation of the New Shares and New Options on the Australian Securities Exchange at the same time.
Following the completion of the Entitlement Offer Fertoz will have 53,753,309 shares and 19,619,163 options on issue with an additional 2,333,333 underwriter options to be issued subject to shareholder approval at an extraordinary general meeting.
About Fertoz Ltd
Fertoz (ASX:FTZ) is an Australian-based phosphate exploration and development company with a range of projects in British Columbia, Canada as well as Queensland and the Northern Territory. The Company is focused on becoming a fertiliser producer as quickly as possible, initially focusing on the Canadian/USA markets.
Fertoz plans to develop its exploration assets in Canada in order to identify any potential Direct Shipping Ore (DSO) projects. It intends to seek joint venture partners to assist in funding the exploration projects in Australia.
Phosphate is a commodity necessary for feeding the world, and Fertoz is ready to capitalise on this growing demand.
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