Completes $4.35 Million Private Placement
Brisbane, Sep 30, 2016 AEST (ABN Newswire) - Fertoz Ltd ("Fertoz" or the "Company") (
ASX:FTZ) is pleased to announce that it has completed its $4.35 million private placement announced on the 2 August 2016 with the issue of the Tranche 2 shares and options being 20,871,446 ordinary shares and 10,435,736 unlisted options with each option providing the option holder with the right to buy one ordinary share at any time up to 29 September 2018 at an exercise price of $0.18 per share.
Fertoz provides the following additional information under ASX Listing Rule 3.10.3:
Number and class of securities to be issued
20,871,446 ordinary shares and 10,435,736 unlisted options
Consideration
$2,922,002 or $0.18 per share with one free attaching unlisted option for each share issued.
Principal terms
The ordinary shares rank pari passu with the existing ordinary shares on issue. The Unlisted Options will only rank equally once exercised.
Purpose of the issue
Issued to progress development of its British Columbia Phosphate Projects, to continue its sales and marketing efforts and for working capital purposes.
Shareholder approval
A total of 20,871,435 ordinary shares 10,435,720 were approved by shareholders at the extraordinary general meeting held on 19 September 2016. The company will not be seeking shareholder approval for the remaining 11 ordinary shares and 16 unlisted options which eventuated due to rounding of shareholdings in the private placement.
Issue to class
The issue is not being made to a class of security holders.
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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