Canterbury Resources submitted a Third Supplementary Prospectus on 28/11/2018.
The Company has resolved to reduce the minimum subscription down to 20 million Shares to raise $6,000,000.
As of the date of the Third Supplementary Prospectus, the Company has:
- 95 shareholders in its shareholder register;
- received applications from 75 investors totalling approximately $1.3M, including cleared funds of approximately $700,000;
- received indicative commitments from brokers and client advisors on behalf of their clients for approximately $4.7 M across 95 clients.
In aggregate this represents 265 shareholders and applicants, for approximately 19.9 million shares raising approximately $6.0 million.
The Third Supplementary Prospectus also includes updated financial data.
The Third Supplementary Prospectus, is dated 28 November 2018 and is intended to be read in conjunction with the replacement prospectus dated 3 October 2018, as amended by the first supplementary prospectus dated 24 October 2018 and the second supplementary prospectus dated 9 November.
Together, the documents form the Disclosure Documents for the Offer, and they can all be downloaded by clicking "ACCESS DISCLOSURE DOCUMENTS" on this page. If you do not fully understand them you should consult your professional advisers without delay.
Canterbury Resources Limited (ACN 152 189 369) is a mineral exploration company that is seeking to create shareholder value by generating, exploring and monetising potential large scale (“Tier 1”) copper-gold projects in proven mineral belts throughout the southwest Pacific region — a region that hosts numerous world-class copper and gold deposits.
The company’s experienced management team has considerable expertise and global experience in exploration, mining and finance, and key personnel have a track record of exploration success in the region.
Since inception in 2011, Canterbury has built a well-balanced and highly prospective portfolio of resource opportunities in Papua New Guinea, Queensland and Vanuatu.
Successful exploration and assessment activity at several of these projects has been advanced to the exciting drill testing phase — with drilling programs currently being implemented, and further drilling planned during 2019.
Each of these projects provides potential to delineate Tier-1 deposits.
The majority of funds raised by this Offer will be directed at high impact drilling activity at two of the Company’s 100% owned copper-gold prospects (Briggs and Ekoato), generating considerable value uplift for shareholders if successful.
In addition, the Company holds the Bismarck Project on Manus Island in Papua New Guinea, where Rio Tinto Exploration (PNG) Limited (“Rio Tinto PNG”) is currently managing and sole-funding the initial drill testing of buried, large-scale porphyry copper-gold targets under a Farm-In and Joint Venture Agreement.
Canterbury Resources released a Shareholder Update on 10/12/18 reporting on further encouraging progress on its exploration activities in the SW Pacific region targeting potential Tier-1 copper-gold deposits.
This Update contains photos of exploration progress and can be downloaded by clicking through on this page. However please note, this document was prepared by Canterbury Resources as a summary for general information purposes only, and is not a prospectus, disclosure document or offer document under the Corporations Act 2001.
Bismarck Project - Drilling Progress
In early October, drilling commenced at the Bismarck Project, located on central Manus Island, where 60% JV partner Rio Tinto PNG is managing the Stage-2 Exploration Phase. After sole funding a further A$12.5M of exploration activity, Rio Tinto PNG's JV interest will increase to 80%.
The drilling of the first diamond drill hole (BISM0001) is currently drilling ahead at 160m (as at 10/12/18), to a target depth of ~600m. Visual assessment of the core to date has noted alteration and geology generally consistent with pre-drilling interpretation of the target location.
Ekuti Range Project - Drilling Preparation
At the 100% owned Ekuti Range Project, preparations are well advanced for the initial drilling of the Ekoato prospect, which will commence immediately following the close of the IPO.
The Ekoato drill program will test targets that display many characteristics comparable with the world-class Golpu deposit (owned by Newcrest Mining 50% and Harmony Gold 50%) located some 60km to the north.
Construction of the drill camp and helipad has been completed and initial supplies delivered. Drill sites have been established at two of the five proposed drill locations.
Briggs Project - Drilling Preparation
At Briggs, planning is well advanced for a 9-hole diamond drilling program to further assess the resource potential of the large Briggs porphyry copper system.
The drilling program is planned to commence in early 2019 and will further assess the Central Zone of the Briggs deposit, testing for a potential higher-grade core of the system at depth.
Canterbury Resources (ACN 152 189 369) is offering 20,000,000 Shares at an issue price of $0.30 each to raise $6 million before costs.
Canaccord Genuity has been appointed Lead Broker for the IPO.
The majority of funds raised by the Offer will be directed at high impact drilling activity at two of the Company’s 100% owned copper-gold prospects — Briggs and Ekoato.
Raisebook is accepting bids of between $2,100 (minimum) and $6,000 (maximum) per entity registered with Raisebook.
The offer of the securities are made in, or accompanied by, a copy of the disclosure document which can be obtained by clicking on the "ACCESS DISCLOSURE DOCUMENT" button on this page.
Anyone who wants to acquire the securities will need to complete the application form that will be in or will accompany the Disclosure Document.
Before making an investment decision, potential investors should read the Disclosure Documents entirely, and seek professional financial advice.
Investors should note that all of the Company’s projects are still in the exploration and evaluation phase. Accordingly, any investment made in the Company should be considered highly speculative.
An investment in the Company is also subject to risks, including Company specific risks such as those associated with mining and exploration, commodity price fluctuations, currency exchange and country risks associated with operating in Papua New Guinea, Vanuatu and Australia, and general risks such as adverse weather.
KEY OFFER DETAILS
Summary of the Offer:
|Share Issue Price||$0.30 per share|
|Number of Shares to be Issued under the Offer||20,000,000|
|Amount to be Raised under the Offer||$6,000,000|
|Total Number of Shares on Issue at Completion of the Offer||78,060,408|
|Indicative Market Cap on Completion of the Offer||$23,418,122|
Options granted at the Date of the Prospectus:
|Expiry Date||Exercise Price||Number|
|31 December 2018||20c||2,163,087|
|30 June 2019||20c||4,783,888|
|30 June 2020||25c||1,350,000|
|30 June 2021||40c||1,000,000|
Options to be granted upon completion of the Offer under this Prospectus:
|Maturity Date||Exercise Price||Number|
|30 June 2021||40c||3,000,000|
|30 June 2021||45c||1,000,000|
|30 June 2021||50c||1,000,000|
|Expected Closing Date||5PM AEDT, 28 December 2018|
|Settlement of the Offer||2 January 2019|
|Expected date of issue and allotment of Shares||3 January 2019|
|Expected date of despatch of holding statements||7 January 2019|
|Trading of Shares expected to commence on ASX||11 January 2019|
CANTERBURY’S THREE MAIN PROJECTS
(100% Canterbury owned)
The Ekaoto project is in PNG, where a 5-hole diamond drilling program of around 1,350 metres will test an extensive area of surface gold and copper mineralisation in the upper levels of an exposed porphyry system.
The Ekoato prospect has not previously been drill tested and displays many characteristics comparable with the world-class Golpu deposit located some 60km to the north.
Significantly, several members of Canterbury’s exploration team had integral involvement in exploring the Wafi-Golpu complex, including drilling of the discovery hole at Golpu.
This region hosts some of the world's largest gold-silver and copper-gold deposits including:
- Ok Tedi (17 Moz, Au, 6 Mt Cu),
- Porgera (7 Moz, Au),
- Lihir (30 Moz Au),
- Vatukoula (11 Moz Au),
- Wafi-Golpu (26 Moz Au, 9 Mt Cu),
- Panguna (25 Moz Au, 7 Mt Cu),
- Mount Morgan (8.4 Moz Au, 1.1 Moz Ag, 387 kt Cu)
- Mount Carlton (1.4 Moz Au).
(100% Canterbury owned, Rio Tinto Exploration Pty Ltd 1% NSR)
The Briggs project is in Queensland, where a 9-hole diamond drilling program of around 3,000 metres will further assess the resource potential of the large Briggs porphyry copper system.
Within the Briggs area, at least three mineralised zones are recognized and each has broad intercepts of low grade disseminated copper mineralisation, overlain by a thin higher-grade blanket of supergene enriched copper mineralisation.
During the next phase of assessment, Canterbury will undertake an initial drilling program focussed on mineralisation in the Central Zone, including testing for a potential higher-grade core of the system.
Most of the program will systematically drill the Central Zone over a strike length of approximately 500m to a depth of approximately 300m and a width of approximately 300m, evaluating an Exploration Target, based on the results of historic drill data combined with a modern understanding of the anatomy of porphyry systems, of 45 to 165Mt at 0.4 to 0.8% copper.
Note: The potential quality and grade of the Exploration Target in conceptual in nature and there has been insufficient exploration to estimate a mineral resource, and it is uncertain if further exploration will result in estimation of a mineral resource.
(Canterbury 40%, Rio Tinto PNG 60%)
The Bismarck project is on Manus Island, PNG, where an initial drilling program of 3 to 5 deep holes (each up to 600m) will test large porphyry copper-gold targets.
Bismarck is the subject of a staged Farm-In and Joint Venture Agreement with Rio Tinto PNG.
During Stage-1 Rio Tinto PNG has earned a 60% joint venture interest by sole-funding over A$5 million of exploration activity, and it has the right to increase its equity to 80% during Stage-2 by sole-funding a further A$12.5 million of exploration.
Work to date, including extensive geophysical surveys, supports developing evidence for large-scale buried porphyry copper-gold targets that have never been drill tested.