Heemskirk Consolidated Limited

Published : July 23rd, 2015

Letter to Shareholders

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Letter to Shareholders

DRAFT 1


22 July 2015
Dear Shareholder

Heemskirk Consolidated Limited - 1 For 5 Renounceable Rights Issue

On 17 July 2015, Heemskirk Consolidated Limited (ASX:HSK) (Company) announced to ASX that it was to undertake a fully underwritten renounceable rights issue offering eligible shareholders the opportunity to subscribe for 1 new share for 5 shares held on
27 July 2015, at an issue price of $0.10 per new share to raise approximately $3.7 million
(Rights Issue).
The Rights Issue will be fully underwritten by Morgans Corporate Limited (Underwriter). In consideration for the underwriting, the Company has agreed to pay the Underwriter a total underwriting commission and management fee of $0.221 million, representing 6% of the total amount to be raised under the Rights Issue.

A copy of the Offer Document has been lodged with ASX and is available on the

ASX website.

Below is a summary of the key terms of the Rights Issue:

Type of offer

Renounceable Rights Issue

Issue Ratio

1 New Share for every 5 Shares held

Issue Price

$0.10 per New Share

Fractional Entitlement

Where the determination of an Eligible Shareholder's

Entitlement results in a fraction of a New Share, such a fraction shall be rounded up to the nearest whole New Share.

Eligible Shareholders

Shareholders who have a registered address in Australia

and New Zealand may apply for New Shares under the Rights Issue. Shareholders who have a registered address outside Australia and New Zealand may not subscribe for New Shares under the Rights Issue.

Premium

The Company's Share closing price on 16 July 2015 (the

day before the Rights Issue was announced) was $0.065.

HEEMSKIRK CONSOLIDATED LIMITED ABN 18 106 720 138

Level 17 303 Collins Street Melbourne Vic 3000

PO Box 96 Collins Street West Melbourne Vic 8007 t + 61 3 9614 0666 f + 61 3 9614 4466 www.heemskirk.com

Therefore the Issue Price of $0.10 represents a premium of

approximately 53% to this closing price.

Capital Raised

Approximately $3,700,000 (before costs of the Rights

Issue).

Use of Capital Raised

The proceeds of the Rights Issue will be used to fund

ongoing working capital requirements to support the ongoing business activities of the Company during the completion of the Moberly Frac Sand Project in British Columbia, Canada.

New Shares to be

issued

Approximately 36,849,559.

Shares on issue

following Rights Issue

Approximately 221,097,354.

Underwriter

Fully underwritten by Morgans Corporate Limited

Key dates

The current timetable for the Rights Issue is as follows:

Activity

Date

Announcement of Rights Issue

17 July 2015

Dispatch of notices to Shareholders informing of Rights

Issue

22 July 2015

Shares quoted 'ex' rights and rights trading starts on

deferred settlement basis

23 July 2015

Record Date

27 July 2015

Offer Document and Entitlement & Acceptance Form

dispatched and announcement that dispatch completed

30July 2015

Rights trading ends

4 August 2015

Securities quoted on a deferred settlement basis

5 August 2015

Closing date for acceptances

11 August 2015

The Company to notify the Underwriter of any shortfall to

be taken up

11 August 2015

ASX notified of under subscriptions

14 August 2015

Issue date and end of deferred settlement trading

18 August 2015

Dispatch of New Share transaction confirmation

statements

18 August 2015

Subject to the Listing Rules, the Directors note that this timetable is indicative only and reserve the right to amend this timetable without notice.

2

Applications

The Entitlement and Acceptance Form will be dispatched together with the Offer Document. Eligible Shareholders must complete the Entitlement and Acceptance Form in order to take up their Entitlements and to apply for Shortfall Securities. Entitlement and Acceptance Forms must be properly completed and received by the Company no later than 5.00pm (AEST) on 11 August 2015 in order for Applicants to be issued New Ordinary Shares and Shortfall Securities.
In the event the Rights Issue is not fully subscribed, the Directors have determined to offer Eligible Shareholders the right to apply for New Shares arising out of any shortfall. The Company may, in consultation with the Underwriter and subject to any restrictions imposed by the Corporations Act or the Listing Rules, exercise a discretion to impose restrictions on the number of New Shares which can be taken up by any Shareholder under the Shortfall Facility. In exercising this discretion, factors such as the number of applications made and the number of available New Shares will be taken into consideration. The Offer is being made to all shareholders of the Company named on its register of members at 27 July 2015, whose registered address is in Australia and New Zealand.

Quotation

New Ordinary Shares issued under the Offer Document will rank equally with the Company's existing Shares. The Company has applied to ASX for quotation of the New Ordinary Shares on the Official List of the ASX. If approval is not granted by ASX within
3 months after the date of the Offer Document, the Company will not issue any New
Ordinary Shares and will repay all Application monies without interest.

Enquiries

If you have any questions regarding this renounceable Rights Issue, please telephone the Company on +61 3 9614 0666 or email the Company at [email protected]. The Directors recommend this renounceable Rights Issue to you.
Yours faithfully

Peter Bird
Managing Director

3

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Heemskirk Consolidated Limited

PRODUCER
CODE : HSK.AX
ISIN : AU000000HSK9
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Heemskirk Consolidated is a gold development stage company based in Australia.

Its main asset in production is PAJINGO in Australia and its main exploration property is LOS SANTOS in Spain.

Heemskirk Consolidated is listed in Australia and in Germany. Its market capitalisation is AU$ 41.1 millions as of today (US$ 30.7 millions, € 27.5 millions).

Its stock quote reached its highest recent level on July 09, 2010 at AU$ 0.35, and its lowest recent point on March 18, 2016 at AU$ 0.02.

Heemskirk Consolidated has 562 640 000 shares outstanding.

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Corporate news of Heemskirk Consolidated Limited
1/27/2016Generic
1/19/2016Entitlement Offer Results and Shortfall
1/18/20162016 Notice of Annual General Meeting
1/18/2016Corporate Governance Statement & Appendix 4G
12/23/2015Renounceable Rights Issue - Dispatch of Offer Document and E...
12/15/2015Letter to Shareholders
12/14/2015Annual Statutory Update of Resources and Reserves
12/14/2015Debt Funding CPs to be satisfied by equity raising
12/14/2015Offer Document
8/18/2015Appendix 3B Rights Issue
8/14/2015Entitlement Offer Results & Shortfall
7/30/2015Renounceable Rights Issue - Dispatch of Offer Document and E...
7/27/2015Cleansing Statement - Exercise of Options
7/23/2015Appendix 3B - Placement
7/23/2015Letter to Shareholders
7/21/2015Appendix 3B - Rights Issue
7/21/2015Letter to Optionholders
7/21/2015Offer Document
7/21/2015ASX Announcement - Confirmation of Resource
7/17/2015Clarification Statement - Appendix 3B
7/16/2015Appendix 3B
7/16/2015Renounceable Rights Issue
7/15/2015Moberly Project Funding Package Finalised
7/15/2015Trading Halt Request
7/15/2015Appendix 3B
7/6/2015Appendix 3F
3/29/2015Convertible Debt Securities
3/29/2015Appendix 3B
3/24/2015Securities Trading Policy
3/2/2015Appendix 3Z
3/2/2015Appendix 3B
2/26/2015Heemskirk AGM Presentation 26 February 2015
2/23/2015Withdrawal of Resolution 2 - 2015 Annual General Meeting
2/22/2015Enhanced Process Recovery Impacts Moberly Project Valuation
1/19/20152014 Corporate Governance Statement & Appendix 4G
1/19/20152015 Notice of Annual General Meeting
11/3/2014Moberly Frac Sand Project
10/30/2014Update - Funding for the Moberly Frac Sand Project
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