f0709827-257f-4aa8-819e-30ca0d75def2.pdf
Level 1
37 Ord Street
West Perth WA 6005
PO Box 1038
West Perth WA 6872
Tel: +61 8 9322 6677
Fax: +61 8 9322 1961
Email: [email protected]
1 April 2016
ASX MARKET ANNOUNCEMENT
MANHATTAN SHARE PURCHASE PLAN AND EQUITY RAISING
The Directors of Manhattan Corporation Limited ("Manhattan" or "the Company") are pleased to announce an equity raising by a planned private equity placement of up to $140,000 to six sophisticated and professional investors ("Investors") and a Share Purchase Plan ("SPP") to all shareholders targeting up to an additional $835,000 in equity funding, if shareholders subscribe for the maximum number of shares, equivalent to a take up of 30% of the Company's issue capital.
The Company's Directors and Company Secretary have indicated they intend to subscribe for New Shares under the SPP.
Funds raised will be applied towards exploration and development of its Ponton uranium project, to cover the costs of the capital raising and provide working capital.
The Directors have resolved to seek to raise up to $835,000 under the SPP. However, The Directors reserve the right to refuse applications in their sole discretion in whole or in part. The Directors intend to seek to place any SPP shortfall with sophisticated and professional investors (excluding related parties) subject to the Company's ability to do so under ASX Listing Rule 7.1.
Both the private placement to the Investors and the SPP shares are priced at Australian 2.5 cents ($0.025) a share.
Under the SPP, existing eligible shareholders who are registered as holders of shares in the Company at 4:00pm (WST) on Thursday, 31 March 2016 ("the Record Date") and whose registered address is in Australia or New Zealand ("Eligible Shareholder"), can apply for up to $15,000 worth of new fully paid ordinary shares in Manhattan ("New Shares"), free of all brokerage and commission costs, at 2.5 cents a New Share.
The Issue Price of 2.5 cents a New Share represents a discount of approximately 15% to the Volume Weighted Average Price ("VWAP") of 2.9 cents a share for the last 5 days on which sales in Manhattan's shares were recorded prior to the SPP being announced 1 April 2016 ("the Offer"). It also represents a discount of approximately 8% to the VWAP of 2.7 cents a share over the last 20 days on which sales in Manhattan's shares were recorded prior to the SPP announcement.
Manhattan will apply for quotation of the New Shares on ASX, which will rank equally in all respects with existing Manhattan fully paid ordinary shares. An indicative timetable is included in this ASX announcement.
Each Eligible Shareholder may participate by completing an Offer and Acceptance Form and subscribing for one of the following offers of New Shares:
2
Subscription Amount
|
Number of New Shares Applied For
|
Offer A:
|
$2,000.00
|
80,000
|
Offer B:
|
$5,000.00
|
200,000
|
Offer C:
|
$10,000.00
|
400,000
|
Offer D:
|
$15,000.00
|
600,000
|
Indicative SPP Timetable
Date
|
Details
|
Thursday, 31 March 2016
|
Record Date 4.00pm (WST)
The date on which Manhattan determined shareholders eligible to participate in the SPP, being shareholders registered on that date with an address in Australia or New Zealand
|
Friday, 1 April 2016
|
SPP Announced to ASX
|
Monday, 4 April 2016
|
Opening Date
The date the SPP Offer is made - SPP opens
|
Thursday, 21 April 2016
|
Closing Date
The date on which the SPP Offer closes.
Applications and payments (including BPay®) must be received by 5.00pm (WST).
|
Thursday, 28 April 2016
|
Issue Date
The date New Shares are issued.
|
Friday, 29 April 2016
|
Holding Statement Mailing Date
The date on which Holding Statements are sent to shareholders who subscribed for New Shares under the SPP.
|
Friday, 29 April 2016
|
Share Trading Date
The date on which it is expected that the New Shares will commence trading on the ASX.
|
The timetable is indicative only and Manhattan may, at its discretion, vary any of the above dates except for the Record Date.
Full details of the SPP and the final timetable will be set out in the SPP Offer document which will be dispatched to Eligible Shareholders on or around Monday 4 April 2016.
Yours sincerely
Manhattan Corporation Limited
Alan J Eggers
Executive Chairman