FREE DAILY STOCK MARKET NEWS

FREE DAILY STOCK MARKET NEWS

OZZ to give shareholders options

14 September 2021
ASX: OZZ
Rueben Hale

New Western Australian gold explorer OZZ Resources plans to reward investors with option entitlements in return for the support shown during the company’s recent initial public offering.

The offer comes as OZZ makes plans for detailed exploration of multiple gold targets at its highly prospective Maguires Reward project in the central Murchison while moving a step closer to delivering a mineral resource estimate for the Old Prospect near the Mid West town of Cue

The company hopes to raise around $75,000 with an entitlement issue of one option for every three fully paid ordinary shares held to eligible shareholders with registered addresses in Australia and New Zealand.

The non-renounceable options will have an issue price of $0.005 per option, exercisable at $0.25 within three years of issue.

“We are very pleased to provide this offer to our shareholders as recognition of their invaluable support to the company, and our recent initial public offering,” chairman Alan Lockett said.

“We are making good progress at our projects and look forward to achieving further milestones.”

OZZ said the timing and other relevant information would be available from a prospectus lodged with the Australian Securities and Investment Commission in the coming weeks.

If all options issued under the offer are exercised, it expects to receive approximately $3,761,000.

The company’s Australian Stock Exchange-listed was 18.5c today (2.18 pm GMT+ 8 hours).

About the entitlement issue

The Company has appointed CPS Capital Group Pty Ltd (AFSL 294848) (‘CPS’) to fully underwrite the Offer.

CPS will receive a cash fee of 6% of the total gross proceeds of the Offer in consideration for underwriting the Offer.

CPS will also be issued 2,900,000 Options on the same terms as the Options to be issued under the Offer for providing these services.

In addition to underwriting the Offer, the Company has agreed to appoint CPS as corporate advisor for a period of 12 months.

In consideration for the provision of these advisory services, CPS will be issued 750,000 fully paid ordinary shares in the capital of OZZ.

A prospectus for the Offer will be mailed to each shareholder registered on the Company’s share register as at the Record Date (once determined and announced) and also obtainable in hard copy following lodgment with ASIC.

The Board of OZZ recommends all eligible Shareholders take up the opportunity to subscribe for the loyalty options as it presents a great opportunity to provide additional support to the Company and to further participate in any potential value appreciation in the next three years.

It is not practicable for the Company to comply with the securities laws of overseas jurisdictions having regard to the number of overseas Shareholders, the number and value of Options these Shareholders would be offered and the cost of complying with regulatory requirements in each relevant jurisdiction.

Accordingly, the Offer is not being extended and Options will not be issued to Shareholders with a registered address which is outside Australia or New Zealand.

 

 

COMPANY OVERVIEW

A Perth based and Western Australian focussed gold and base metal explorer with an aim of rapid evaluation to value-add for share-holders. Ozz’s projects are located near major gold producing centres in highly prospective regions near Leonora, Cue, Meekatharra and Mt Magnet in Western Australia.

COMPANY INFORMATION

ASX: OZZ

Website

https://www.ozzresources.com.au/
https://www2.asx.com.au/markets/company/ozz

FREE DAILY STOCK MARKET NEWS

Join our mailing list to receive the latest stock market news.

You have Successfully Subscribed!