| Tue 11 Aug 2009, 9:00 | | TAW - Tawana - Funding arrangements with Cygnet Capital Pty Ltd |
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TAW
TAW
TAW - Tawana - Funding arrangements with Cygnet Capital Pty Ltd
Tawana Resources NL
(Incorporated in Australia)
(Registration number ACN 085 166 721)
Share code on the JSE Limited: TAW
ISIN: AU000000TAW7
Share code on the Australian Stock Exchange Limited: TAW
ISIN: AU000000TAW7
("Tawana" or "the Company")
10 August 2009
ASX Announcement
Funding arrangement with Cygnet Capital Pty Ltd
TAW Resources NL (TAW or the Company) is pleased to announce it has entered into
funding arrangements with Cygnet Capital Pty Ltd (Cygnet) on the following
terms:
1. Placement of $500,000 by issuing 100,000,000 shares at 0.5cents to
Sophisticated Investors (s708) to be split into two tranches; and
2. Underwriting of a rights issue to raise $1,085,694 by way of a 1:1 non-
renounceable rights issue at 0.5cents.
Subject to regulatory approval, the first tranche of the placement shares (being
29.4 million) will be issued within the Company`s 15% capacity, with the balance
of the placement shares being subject to shareholder approval at a meeting to be
convened shortly.
It is intended that the rights issue will occur shortly following completion of
the second tranche of the placement shares, and subscribers to the placement
will be entitled to participate in the rights issue. New capital raised will be
applied towards rationalizing existing assets and reviewing new opportunities.
Full details of the rights issue, including key dates and a timetable, will be
announced as soon as possible.
Cygnet will be granted 50 million options with a period of 3 years and an
exercise price of 1 cent per share as part of its fee on completion of the
rights issue.
Euan Luff
Tawana Resources N.L.
About Cygnet Capital
Cygnet was formed in 2003 to provide investment banking, corporate advisory,
funds management and portfolio management services for corporate clients and
individual investors. It provides boutique corporate advisory services to small
and medium enterprises seeking growth opportunities.
Cygnet has offices in Melbourne and Perth and advises that it currently has over
$200m in client funds under management and advice. Cygnet has established
commercial relationships with other broking and corporate advisory businesses
Australia wide to collectively provide a strong and diversified capital raising
network and solid after market support.
For more information on Cygnet visit - www.cygnetcapital.com.au
Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
Date: 11/08/2009 09:00:06 Produced by the JSE SENS Department.
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