In a statement Hillgrove said, “Each fully paid ordinary share has an issue price of $0.20 per share with an attaching one for two option. The option is exercisable at 20 cents per option at any time before 31 December 2006. The issue will raise $3.75 million before expenses of the issue.”
“The proposed issue is subject to shareholder approval of resolutions to be considered at a General Meeting called for Wednesday 20 October 2004 [and the] issue and allotment of the shares and options pursuant to the placement will occur on Friday 22 October 2004,” it added.
