12 May 2016, 09:14AM | PLACE
Oceania Natural Limited (NXT: ONL) – Interim Update Announcement
12 May 2016
Private Placement of Ordinary Shares
Oceania Natural Limited (NXT: ONL) today confirms that it has entered into unconditional subscription agreements with qualified investors in New Zealand and China to place approximately $373,000 of new shares (New Shares) at $2.295 per share. The share issue price is equal to 85% of the volume weighted average price of ONL’s shares in the 5 trading days from 5 May 2016 to 11 May 2016 (inclusive).
The New Shares will be issued as a private placement undertaken in accordance with NXT Listing Rule 25(a).
ONL remains in advanced discussions with other qualified investors to secure further capital on the same terms and issue price as the New Shares. The company will advise the market if additional new capital is secured.
ONL intends to allot the New Shares on or before 24 May 2016.
The capital raised will be used for a mixture of working capital and growing ONL’s bulk honey inventories.
Authority for this announcement
Name of senior manager or director authorised to make this announcement: Malcolm Lindeque
Contact phone number: 021 464 392
Contact email address: Malcolm@onlgroup.co.nz
Date of release: 12 May 2016
Oceania Natural Limited’s shares can be traded on the NXT Market. Oceania Natural Limited is required to disclose information under the NXT Market Rules. Information about the NXT Market and the NXT company is available here www.nxt.co.nz.
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