Fertoz completes Tranche 1 of Private Placement
Brisbane, Aug 8, 2016 AEST (ABN Newswire) - Fertoz Ltd (
ASX:FTZ) is pleased to announce that it has completed Tranche 1 of its private placement as announcement on 2 August 2016 and will issue 10,200,000 ordinary shares and 5,100,000 options with each option providing the option holder with the right to buy one ordinary share at any time up to 4 August 2018 at an exercise price of $0.18 per share.
The Company has also revised the amount that it will raise to $4.35 million hence it has received a total of $1,428,000 in gross proceeds from Tranche 1 and will receive a further $2,922,000 of gross proceeds which will be issued subject to shareholder approval at an extraordinary general meeting ("EGM") to be scheduled for early September 2016.
Fertoz provides the following information under ASX Listing Rule 3.10.5A:
a) Details of the dilution to the existing holders of ordinary securities caused by the issue can be viewed in Table 1 (see link below).
b) The Company issued shares under Listing Rule 7.1A as it considered the Placement as the most efficient and expedient method for raising funds at the time.
c) The Placement was not underwritten.
d) The commission on the placement was 6% (plus GST) of the total funds raised.
To view tables and figures, please visit:
http://abnnewswire.net/lnk/524WMX1A
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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