The Conversation (0)
Tungsten Mining NL (ASX:TGN) has completed the previously announced placement of $400,000 from two clients of Eight Carat Securities Pty Ltd. As a result of the placement, the Subscribers have nominated Lee Kong Leng and David Grant Sanders to the Board of Directors. The Company also announced an entitlement offer to eligible shareholders.
As quoted in the press release:
The Placement Shares were issued to each Subscriber pursuant to the Company’s available 15% capacity under the ASX Listing Rules without shareholder approval.
Each Subscriber has exercised its right to appoint a nominee to the Company’s board of directors, having provided to the Company a signed consent to act from its nominee.
Entitlement Offer
The Entitlement Offer issue price of $0.04 per share represents a discount of approximately 42% to the closing price of the Company’s shares on ASX on 31 March 2014.
Click here to read the Tungsten Mining NL (ASX:TGN) press release
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