ASX Release – 16 November 2007
Heron Completes Share
placement
Heron Resources Limited
(ASX: HRR) is pleased to announce that agreement has been reached for the
placement of 15,000,000 shares at $1.15 per share to BHP Billiton raising
$17.25 million.� Issue of 3,000,000 (Second Tranche) of the 15,000,000
shares will be subject to Foreign Investment Review Board (FIRB) approval. Issue of 12,000,000
of the placement shares (First
Tranche) is not subject to FIRB approval and these shares will be
issued as soon as funds are received.�
Upon completion of issue of the First Tranche, BHP Billiton’s
shareholding in Heron will increase to 14.9% and upon completion of issue
of the Second Tranche it will increase to 16.1% (assuming that no
securities are issued prior to BHP Billiton being issued the Second
Tranche).
The proceeds of the
placement will be used for completion of the current Jump-up Dam Trial
Mining and Demonstration project, undertaking the Jump-up Dam definitive
feasibility study, nickel sulphide and laterite
exploration along with general working capital.
Heron’s Managing
Director, Mr Mathew Longworth, said “The continuing support of major
shareholders is appreciated, providing funding to undertake the extensive
study programs required to make decisions on the
Jump-up Dam project and conducting regional exploration within
Heron’s significant landholding.”
N. Mathew Longworth
Managing Director, Heron
Resources Limited
For media inquiries, please
contact:� Paul Downie,
Porter Novelli, 0414 947 129, (08) 9386 1233
Any enquiries at all, give our Public Relations Officer
Briony Robertson a call on (08) 9215 4444 or email.
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