Heemskirk Consolidated Limited

Published : July 16th, 2015

Renounceable Rights Issue

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

Renounceable Rights Issue

DRAFT 1

17 July 2015

Australian Stock Exchange Limited

Company Announcements Office

20 Bridge Street

Sydney NSW 2000

Dear Sir / Madam

Heemskirk Consolidated Limited - 1 For 5 Renounceable Rights Issue

Heemskirk Consolidated Limited (ASX:HSK) advises that it will undertake a fully underwritten renounceable rights issue offering eligible shareholders the opportunity to subscribe for 1 New Share for every 5 Shares held on 24 July 2015 at an issue price of
$0.10 per new share to raise approximately $3.7 million ("Rights Issue").
The principal application of funds raised by the Rights Issue will be to provide the Company with additional working capital during the completion of the Moberly Frac Sand Project in British Columbia, Canada. The Rights Issue is 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.

Key terms of the Rights Issue

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

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

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. 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

Foreign Shareholders

The Company has determined that it is unreasonable to make offers of New Shares to Shareholders with registered addresses outside Australia or New Zealand ("Foreign Shareholders") save for where such Foreign Shareholders can establish, to the satisfaction of the Company, that they are under an exemption to the requirement to receive a disclosure document in accordance with the relevant laws and regulations governing securities in their country of residence ("Eligible Foreign Shareholders"). This decision was made having regard to the number of Foreign Shareholders, the number and value of New Shares those Foreign Shareholders would have been offered and the cost of and time involved in complying with the legal and regulatory requirements of the jurisdictions in which the Foreign Shareholders are domiciled.
The Company will appoint a Foreign Nominee to to arrange for the sale of the New
Shares which would have been offered to Foreign Shareholders.

2

Eligible Shareholders

Eligible shareholders have the following options available in respect of the Rights Issue. They may:
(a) take up all of their Entitlement;
(b) take up all of their Entitlement and also apply for additional New Shares under the Shortfall Facility;
(c) take up some of their Entitlement and subscribe for some of the New
Shares in respect of their Entitlement; or
(d) sell all or part of your Entitlement prior to 31 July 2015; or
(e) not take up any of their Entitlement.

Offer Document and Entitlement and Acceptance Form

Pursuant to in the Corporations Act 2001, the Company is not required to prepare a prospectus for the Rights Issue.
An Offer Document setting out details of the Rights Issue will be dispatched to Shareholders on 29 July 2015. This will be accompanied by a personalised Entitlement and Acceptance Form and instructions on how Eligible Shareholders may accept their Entitlement and apply for additional shares (if available) under the Shortfall Facility.

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 21 July 2015

Shares quoted 'ex' rights and rights trading starts on deferred settlement basis
22 July 2015

Record Date 24 July 2015

Offer Document and Entitlement & Acceptance Form dispatched and announcement that dispatch completed
29 July 2015
Rights trading ends 31 July 2015

Securities quoted on a deferred settlement basis 4 August 2015

Closing date for acceptances 10 August 2015

3



The Company to notify the Underwriter of any shortfall to be taken up
10 August 2015
ASX notified of under subscriptions 13 August 2015

Issue date and end of deferred settlement trading 17 August 2015

Dispatch of New Share transaction confirmation statements 17 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.

An Appendix 3B and Section 708AA Notice and will be lodged separately with ASX.
Yours faithfully

Peter Bird
Managing Director

4

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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
12/14/2015Debt 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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