Proposed issue of securities
Announcement Summary
Entity name
MIDDLE ISLAND RESOURCES LIMITED
Announcement Type
New announcement
Date of this announcement
31/10/2023
The Proposed issue is:
A standard pro rata issue (including non-renounceable or renounceable)
Total number of +securities proposed to be issued for a standard pro rata issue (including non-renounceable or renounceable)
Maximum Number of | ||
ASX +security code | +Security description | +securities to be issued |
New class-code to be | Option exercisable at $0.015 each with a term of 18 months | 70,329,111 |
confirmed | from date of issue | |
MDI | ORDINARY FULLY PAID | 70,329,111 |
Ex date | ||
3/11/2023 | ||
+Record date | ||
6/11/2023 | ||
Offer closing date | ||
17/11/2023 | ||
Issue date | ||
24/11/2023 |
Refer to next page for full details of the announcement
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Proposed issue of securities
Part 1 - Entity and announcement details
1.1 Name of +Entity
MIDDLE ISLAND RESOURCES LIMITED
We (the entity named above) give ASX the following information about a proposed issue of +securities and, if ASX agrees to +quote any of the +securities (including any rights) on a +deferred settlement basis, we agree to the matters set out in Appendix 3B of the ASX Listing Rules.
If the +securities are being offered under a +disclosure document or +PDS and are intended to be quoted on ASX, we also apply for quotation of all of the +securities that may be issued under the +disclosure document or +PDS on the terms set out in Appendix 2A of the ASX Listing Rules (on the understanding that once the final number of +securities issued under the +disclosure document or +PDS is known, in accordance with Listing Rule 3.10.3C, we will complete and lodge with ASX an Appendix 2A online form notifying ASX of their issue and applying for their quotation).
1.2 | Registered Number Type | Registration Number |
ABN | 70142361608 | |
1.3 | ASX issuer code | |
MDI |
- The announcement is New announcement
- Date of this announcement
31/10/2023
1.6 The Proposed issue is:
A standard +pro rata issue (non-renounceable or renounceable)
1.6a The proposed standard +pro rata issue is: + Renounceable
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Proposed issue of securities
Part 3 - Details of proposed entitlement offer issue
Part 3A - Conditions
3A.1 Do any external approvals need to be obtained or other conditions satisfied before the entitlement offer can proceed on an unconditional basis?
No
Part 3B - Offer details
Class or classes of +securities that will participate in the proposed issue and class or classes of +securities proposed to be issued
ASX +security code and description
MDI : ORDINARY FULLY PAID
Is the proposed security a 'New | Will the proposed issue of this |
class' (+securities in a class that is | +security include an offer of |
not yet quoted or recorded by ASX) | attaching +securities? |
or an 'Existing class' (additional | Yes |
securities in a class that is already | |
quoted or recorded by ASX)? | |
Existing class |
Details of +securities proposed to be issued
If the entity has quoted company options, do the terms entitle option holders to participate on exercise? No
ASX +security code and description
MDI : ORDINARY FULLY PAID
ISIN Code (if Issuer is a foreign company and +securities are non CDIs)
ISIN Code for the tradable rights created under a renounceable right issue (if Issuer is foreign company and +securities are non CDIs)
Offer ratio (ratio to existing holdings at which the proposed +securities will be issued)
The quantity of additional +securities to be issued
For a given quantity of +securities held
1 | 2 |
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Proposed issue of securities
What will be done with fractional entitlements?
Maximum number of +securities proposed to be issued (subject to rounding)
Fractions rounded up to the next | 70,329,111 |
whole number |
Offer price details for retail security holders
In what currency will the offer be made?
What is the offer price per +security for the retail offer?
AUD - Australian Dollar | AUD 0.01500 |
Oversubscription & Scale back details
Will individual +security holders be permitted to apply for more than their entitlement (i.e. to over-subscribe)?
Yes
Describe the limits on over-subscription
The Company reserves to the right to accept over subscriptions of up to 33,333,333 fully paid ordinary shares together with 33,333,333 free attaching options. The Board has an overriding discretion to determine allocation of the oversubscriptions as it sees fit but intends to give priority to applications received from Eligible Shareholders.
Will a scale back be applied if the offer is over-subscribed?
Yes
Describe the scale back arrangements
The Company intends to scale back applications at its sole discretion and in the manner it sees fit (subject to any scale back arrangements not resulting in any Director or an associate of a Director being scaled back on a more favourable basis than any other Eligible Shareholder who is scaled back).
Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that class?
Yes
Attaching +Security
Is the proposed attaching security a 'New class' (+securities in a class that is not yet quoted or recorded by ASX) or an 'Existing class' (additional +securities in a class that is already quoted or recorded by ASX)?
New class
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Proposed issue of securities
Attaching +Security - New class (+securities in a class that is not yet quoted or recorded by ASX)
Details of attaching +securities proposed to be issued
ISIN Code (if Issuer is a foreign company and +securities are non CDIs)
ISIN Code for the tradable rights created under a renounceable right issue (if Issuer is foreign company and +securities are non CDIs)
Have you received confirmation from ASX that the terms of the proposed +securities are appropriate and equitable under listing rule 6.1?
No
ASX +security code
New class-code to be confirmed
Will the entity be seeking quotation of the 'new' class o +securities on ASX?
No
+Security description
Option exercisable at $0.015 each with a term of 18 months from date of issue
+Security type
Options
Offer ratio (ratio of attaching securities at which the new +securities will be issued)
The quantity of attaching +securities to be issued
1
What will be done with fractional entitlements?
Fractions rounded up to the next whole number
Offer price details for retail security holders
For a given quantity of the new +securities issued
1
Maximum number of +securities proposed to be issued (subject to rounding)
70,329,111
In what currency will the offer be made?
AUD - Australian Dollar
Oversubscription & Scale back details
Will individual +security holders be permitted to apply for more than their entitlement (i.e. to over-subscribe)?Yes
What is the offer price per +security for the retail offer?
AUD 0.00000
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Proposed issue of securities
Describe the limits on over-subscription
The Company reserves to the right to accept over subscriptions of up to 33,333,333 fully paid ordinary shares together with 33,333,333 free attaching options. The Board has an overriding discretion to determine allocation of the oversubscriptions as it sees fit but intends to give priority to applications received from Eligible Shareholders.
Will a scale back be applied if the offer is over-subscribed?
Yes
Describe the scale back arrangements
The Company intends to scale back applications at its sole discretion and in the manner it sees fit (subject to any scale back arrangements not resulting in any Director or an associate of a Director being scaled back on a more favourable basis than any other Eligible Shareholder who is scaled back).
Will all the +securities issued in this class rank equally in all respects from their issue date? Yes
Options details | |
+Security currency | |
AUD - Australian Dollar | |
Exercise price | Expiry date |
AUD 0.0000 | 23/5/2025 |
Details of the type of +security that will be issued if the option is exercised
MDI : ORDINARY FULLY PAID
Number of securities that will be issued if the option is exercised
70329111
Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities proposed to be issued or provide the information by separate announcement.
www.middleisland.com.au
Part 3C - Timetable
3C.1 +Record date
6/11/2023
3C.2 Ex date
3/11/2023
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Proposed issue of securities
3C.3 Date rights trading commences
3/11/2023
3C.4 Record date
6/11/2023
3C.5 Date on which offer documents will be sent to +security holders entitled to participate in the +pro rata issue
7/11/2023
3C.6 Offer closing date
17/11/2023
3C.7 Last day to extend the offer closing date
14/11/2023
3C.8 Date rights trading ends
10/11/2023
3C.9 Trading in new +securities commences on a deferred settlement basis
13/11/2023
3C.11 +Issue date and last day for entity to announce results of +pro rata issue
24/11/2023
3C.12 Date trading starts on a normal T+2 basis
27/11/2023
3C.13 First settlement date of trades conducted on a +deferred settlement basis and on a normal T+2 basis
29/11/2023
Part 3E - Fees and expenses
3E.1 Will there be a lead manager or broker to the proposed offer? Yes
3E.1a Who is the lead manager/broker?
Mahe Capital Pty Ltd
3E.1b What fee, commission or other consideration is payable to them for acting as lead manager/broker?
Fixed fee of $40,000 plus management fee of 1% of the total amount raised plus placement fee of 5% of any shortfall placed to subscribers procured by Mahe Capital (thus excluding any shareholder who takes up part of the shortfall
3E.2 Is the proposed offer to be underwritten? No
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Proposed issue of securities
3E.3 Will brokers who lodge acceptances or renunciations on behalf of eligible +security holders be paid a handling fee or commission?
No
3E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed offer
Part 3F - Further Information
3F.1 The purpose(s) for which the entity intends to use the cash raised by the proposed issue
To restore MDI's cash position to in excess of $3m before MDI drills targets located on the Company's Northern Territory exploration projects at Barkly, to assess, and if applicable, acquire further projects and for working capital purposes.
3F.2 Will holdings on different registers or subregisters be aggregated for the purposes of determining entitlements to the issue?
Yes
3F.2a Please explain how holdings on different registers or subregisters will be aggregated for the purposes of determining entitlements.
The company only has one registry in Australia
3F.3 Will the entity be changing its dividend/distribution policy if the proposed issue is successful? No
3F.4 Countries in which the entity has +security holders who will not be eligible to participate in the proposed issue
UK, Hong Kong, Ireland, Burkino Faso, Cote d'Ivoire
3F.5 Will the offer be made to eligible beneficiaries on whose behalf eligible nominees or custodians hold existing +securities
Yes
3F.5a Please provide further details of the offer to eligible beneficiaries
The Company will rely on each of the eligible nominees or custodians obtaining instructions from their respective beneficiaries
3F.6 URL on the entity's website where investors can download information about the proposed issu
www.middleisland.com.au
3F.7 Any other information the entity wishes to provide about the proposed issue
3F.8 Will the offer of rights under the rights issue be made under a disclosure document or product disclosure statement under Chapter 6D or Part 7.9 of the Corporations Act (as applicable)?
Yes
3F.9 Any on-sale of the +securities proposed to be issued within 12 months of their date of issue will comply with the secondary sale provisions in sections 707(3) and 1012C(6) of the Corporations Act by virtue of:
The publication of a +disclosure document or +PDS for the +securities proposed to be issued
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Middle Island Resources Limited published this content on 31 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 October 2023 05:26:44 UTC.