Resource Wrap: 15 March 2010 – MCC, GCL, MPO, HEM
March 14, 2010
Macarthur Coal Limited (MCC) said the Foreign Investment Review Board has no objections to Noble Group being issued shares in Macarthur as part of Macarthur’s takeover of Gloucester Coal Limited (GCL). The deal would see Macarthur acquire Noble Group’s 87.7% stake in Gloucester and 25.34% of the shares in Middlemount Coal Pty Ltd from Noble Group, to take Macarthur’s ownership to 100% of Middlemount.
Molopo Energy Limited (MPO) announced a $60 million equity raising to be completed by way of an accelerated renounceable entitlement offer and institutional share placement. The company said the proceeds from the raising would be used to accelerate exploration and development programmes, especially in Molopo's Canadian oil projects. Molopo said the capital raising would comprise of a $28.5 million 1 for 7 accelerated renounceable entitlement offer at an issue price of $1.03 per new share, and a $31.5 million institutional share placement, where the price would be determined via an institutional bookbuild.
Hemisphere Resources Limited (HEM) said it intends to spin‐off its Western Australian gold assets to allow it to focus on Iron Ore in the Pilbara and the Mid West as well as Nickel and Uranium in the Murchison and Eastern Goldfields. The company said the spin‐off would see the gold projects being placed into a wholly owned subsidiary, Aruma Resources Limited, which would apply for listing on the ASX. Hemisphere said it is intended to raise a minimum of $5 million in this process to enable a focused effort to be directed at the gold properties.
Molopo Energy Limited (MPO) announced a $60 million equity raising to be completed by way of an accelerated renounceable entitlement offer and institutional share placement. The company said the proceeds from the raising would be used to accelerate exploration and development programmes, especially in Molopo's Canadian oil projects. Molopo said the capital raising would comprise of a $28.5 million 1 for 7 accelerated renounceable entitlement offer at an issue price of $1.03 per new share, and a $31.5 million institutional share placement, where the price would be determined via an institutional bookbuild.
Hemisphere Resources Limited (HEM) said it intends to spin‐off its Western Australian gold assets to allow it to focus on Iron Ore in the Pilbara and the Mid West as well as Nickel and Uranium in the Murchison and Eastern Goldfields. The company said the spin‐off would see the gold projects being placed into a wholly owned subsidiary, Aruma Resources Limited, which would apply for listing on the ASX. Hemisphere said it is intended to raise a minimum of $5 million in this process to enable a focused effort to be directed at the gold properties.
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