Heemskirk Consolidated Limited

Published : December 15th, 2015

Letter to Shareholders

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Keywords :   Australia | Fixed | K Street | New Zealand |

Letter to Shareholders

DRAFT 1


16 December 2015 Dear Shareholder

Heemskirk Consolidated Limited - 10 for 7 Renounceable Rights Issue


On 15 December 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 10 shares for every 7 shares held on 21 December 2015 , at an issue price of $0.03 per new share to raise approximately $10 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 fixed management fee of $100,000 plus an underwriting fee of 4% of the amount underwritten (excluding amounts sub-underwritten by Taurus Funds Management and First Samuel).


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

10 shares for every 7 shares held on the Record Date

Issue Price

$0.03

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.


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


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 10 December 2015, (the last trading day before the Rights Issue was announced) was $0.052. Therefore the Issue Price of

$0.03 represents a discount of approximately 42.3% to this closing price.

Capital Raised

Approximately $10 million (before costs of the Rights Issue).

Use of Capital Raised

The proceeds of the Rights Issue will be applied towards the development of the Moberly Project including:

  • all supporting business activities

  • to initiate both engineering and capital design work on the stage 2 expansion of 600,000 tpa; and

  • the additional capital and working capital costs associated with the construction of the Moberly Frac Sand Project.

New Shares to be issued

Approximately 330,854,387

Shares on issue following Rights Issue

Approximately 562,452,458

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

15 December 2015

Dispatch of notices to Shareholders informing of Rights Issue

16 December 2015

Shares quoted 'ex' rights and rights trading starts on deferred settlement basis

17 December 2015

Record Date

21 December 2015


Offer Document and Entitlement & Acceptance Form dispatched and announcement that dispatch completed

23 December 2015

Rights trading ends

8 January 2016

Securities quoted on a deferred settlement basis

11 January 2016

Closing date for acceptances

15 January 2016

The Company to notify the Underwriter of any shortfall to be taken up

15 January 2016

ASX notified of under subscriptions

20 January 2016

Issue date and end of deferred settlement trading

22 January 2016

Dispatch of New Share transaction confirmation statements

22 January 2016

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


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 15 January 2016 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 Underwriters 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 21 December 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

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Data and Statistics for these countries : Australia | New Zealand | All
Gold and Silver Prices for these countries : Australia | New Zealand | All

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
12/14/2015Debt Funding CPs to be satisfied by equity raising
12/14/2015Annual Statutory Update of Resources and Reserves
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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