HIGHLIGHTS
�
Completion of
A$27.8 million share placement at $1.20 per share, managed by Royal
Bank of Canada.
� Funds raised to progress
evaluation and development of the Jump Up Dam Heap Leach Nickel
Project.
Heron Resources Limited
(ASX: HRR) is pleased to advise
that it has completed the book-build for an oversubscribed A$27.8
million private placement at an issue price of $1.20. RBC Capital
Markets was sole bookrunner and lead manager of the offering.
The capital raising has
been supported by a number of new Australian and International
institutional investors in North America, Europe and Asia. The placement funds will be used for
completion of the Jump-up Dam scoping study, undertaking of the
Jump-up Dam Pre Feasibility Study, trial leaching, environmental
studies, mining studies, metallurgical test work, resource
definition and general corporate expenses.
BHP Billiton Ltd., an
existing shareholder of Heron Resources has supported the placement
by subscribing for 2,047,650
shares.
Managing Director,
Mat Longworth said today
that ''the placement has further internationalised Heron's share
register and provides the Company with the funding to pursue the
100% owned Jump-up Dam heap leach nickel project, a planned
10,000tpa nickel producer".
The placement will be
completed pursuant to the "excluded offer" provisions (Section 708)
of the Corporations Act and will be completed within Heron's
existing placement capacity without the need for shareholder
approval. The placement shares will rank pari passu with Heron's
existing ordinary shares.
Following allotment of
the new shares and payment of placement fees, Heron will have
202,191,196
ordinary shares on issue, and A$34.8 million in cash.
For more
information, please contact the Company's Managing Director, Mat
Longworth, in Perth by telephone +618 9215
4444.
Please click on the following link
to view complete announcement http://www.heronresources.com.au/downloads/asx/2007/hrr20070405.pdf