The remaining funds will be used to make a $15.8 million up-front payment for the Proton World International settlement and repay $15.5 million in facilities to the Ingot Group. Eligible ERG shareholders are being offered the right to acquire five new shares in ERG for every four shares held at the Record Date at an issue price of $0.20 per share. The Rights Issue is fully underwritten by Patersons Securities Limited with sub-underwriting provided by ERG’s major shareholder, Ingot Group, and a range of institutions and sophisticated investors, and ERG Directors Tony Shepherd and Allan Sullivan, both of whom have agreed to sub-underwrite $333,333 each.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now