White Rock Minerals Limited (ASX: WRM; OTCQX:WRMCF) (‘White Rock’ or ‘the Company’) refers to its announcements on 4 May 2022 and 5 August 2022 regarding the Company’s intended bonus issue of options (Loyalty Options).

The Company is pleased to announce a pro rata non-renounceable bonus issue of Loyalty Options, pursuant to which Eligible Shareholders (defined below) will receive one (1) Loyalty Option for every two (2) ordinary shares in the Company (Shares) held at 7.00pm (Melbourne time) on 19 September 2022 (Record Date) for nil consideration (Loyalty Offer). The Company intends to apply to ASX for quotation of the Loyalty Options.

In order to be eligible to participate, individuals must be registered as a holder of Shares as at the Record Date, with a registered address in Australia, New Zealand or any other permitted jurisdiction as determined by the Company (Eligible Shareholder). The last day of trading (Ex Date) is 16 September 2022 to have Shares registered on the Record Date.

Each Loyalty Option is convertible into one Share, exercisable at $0.12 per Loyalty Option in cash and expire 31 January 2023.

The Loyalty Offer will be made under, and accompanied by, a prospectus which has been lodged with ASIC, and contains further information in respect of the Loyalty Options and their issue (Prospectus). Eligible Shareholders will be advised how they can obtain a copy of the Prospectus, which is also available on ASX.

As this is a bonus offer of Loyalty Options, Eligible Shareholders are not required to take any action or pay any amounts to receive the Loyalty Options. The Loyalty Options will be issued for nil consideration and no funds will initially be raised from the Loyalty Offer. If the maximum number of Loyalty Options issued under the Prospectus are subsequently exercised, the Company will raise a maximum of approximately $11 million.

The Loyalty Offer is non-renounceable and therefore the right to receive the Loyalty Options will not be tradeable on the ASX or otherwise.

The Prospectus contains important information regarding the Loyalty Offer. Eligible Shareholders are encouraged to read the Prospectus carefully before making any investment decision, having particular regard to the key risk factors outlined in section 4 of the Prospectus. Any Eligible Shareholders who have questions regarding the Loyalty Options should consult their financial or other professional adviser.

The Prospectus also contains an offer of 1,000,000 options to the Lead Managers of the Company’s May 2022 Placement, with the same terms and conditions.

Key Dates:

  • 6 September 2022 – Announcement of Loyalty Options Offer;
  • 16 September 2022 – Ex Date for Loyalty Options Offer;
  • 7.00pm on 19 September 2022 – Record Date for Loyalty Options Offer;
  • 23 September 2022 – Issue of Loyalty Options and Lead Manager Options; and
  • 26 September 2022 – Loyalty Options and Lead Manager Options commence trading on a normal settlement basis.
Click here to view full ASX announcement
Click here to view the Loyalty Options Prospectus

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