WELLINGTON, New Zealand,
June 14, 2018 /CNW/ - Chatham
Rock Phosphate Limited (TSXV: "NZP" and NZAX: "CRP" or the
"Company") is pleased to announce, further to the Company's news
release dated April 3, 2018, that it
has closed a non-brokered private placement of 2,345,771 units (the
"Units") at a price of CAD$0.25 per
Unit for gross proceeds of CAD$586,443. Each Unit consists of one (1)
common share in the capital of the Company and one-half of one (½)
non-transferable share purchase warrant ("Warrant").
Each whole Warrant entitles the holder thereof to acquire one
common share at a price of CAD$0.45
per share at any time prior to the date that is two years from the
date of issuance. In the event that the common shares of the
Company trade on the TSX Venture Exchange at a closing price of
greater than CAD$0.60 per common
share for a period of 20 consecutive trading days at any time after
four months and one day after the closing date of the private
placement, the Company may accelerate the expiry date of the
Warrants by giving notice to the holders thereof by way of a news
release and in such case the Warrants will expire on the 30th day
after the date of dissemination of the news release.
All securities issued pursuant to the private placement are
subject to a hold period and may not be traded until October 14, 2018.
Chris Castle, president and CEO
said "this is a particularly encouraging outcome and we have now
raised sufficient funds to recommence the reapplication process for
the Marine Consent (environmental permit). The first stage in the
process is a scoping review which is expected to be completed by
November 2018"
Neither the Exchange, its Regulation Service Provider (as
that term is defined under the policies of the Exchange), or New
Zealand Exchange Limited has in any way passed upon the merits of
the Transaction and associated transactions, and has neither
approved nor disapproved of the contents of this press
release.
SOURCE Chatham Rock Phosphate