Raisebook

Enterprise Value of Less than $800,000 upon Re-listing to the ASX
Mandrake Resources Ltd
Mandrake Resources Ltd
ASX:BGR
  • Offer includes 1:2 Unlisted $0.03 three year option for every share subscribed
  • 1:2 Unlisted $0.03 three year option for every share subscribed
  • No shares in MAN have been issued at less than 2c.
  • Drill ready high grade gold targets 180km from Darwin
  • Existing geochemical and geophysical datasets along with historical drilling confirming the presence and high grade nature of gold mineralisation
  • Maximum bids of $5,000 per entity
Raise Amount
$4,500,000
Offer Price
$0.0200
Closes
Jul 5, 2019

Bronson Group Ltd (ASX: BGR) (to be renamed Mandrake Resources Ltd (ASX: MAN)) recently underwent a recapitalisation.

The company is now seeking reinstatement to trading on the ASX.

After investigating and evaluating investment opportunities across various sectors, the Company is proposing to re-enter the resource exploration sector via the acquisition of Focus Exploration Pty Ltd, a privately-owned exploration project generation company that was created to identify and secure prospective exploration projects.

Focus owns 100% of the Berinka Project, which is situated on exploration licence (EL31710), a 289km2 area in the Pine Creek Orogen of the Northern Territory.

The Offer

Pursuant to the Prospectus, the Company will be offering 225,000,000 Shares at an issue price of $0.02 per Share (with one (1) free attaching New Option for every two (2) Shares subscribed) to raise a minimum of $4,500,000.

The Company may accept oversubscriptions of up to a further $500,000 through the issue of up to a further 25,000,000 Shares at an issue price of $0.02 each under the Offer. The maximum amount which may be raised under this Prospectus is therefore $5,000,000.

The Lead Manager of the offer is Ironside Capital.

Raisebook investors are able to bid a maximum of $5,000 per entity on this offer.

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 Document entirely, and seek professional financial advice.

Potential investors should understand that mineral exploration and development are high risk undertakings. There can be no assurance that exploration of the Tenement, or any other tenements that may be acquired in the future, will result in the discovery of an economic ore deposit.

Capital Structure

Shares (min. subscription) Options (subscription)
Current issued capital 64,971,877 60,000,000
Consolidation (1:20) 3,248,594 3,000,000 (1)
Converting Loan Shares and Converting Loan Options (3) 11,000,000 11,000,000 (2)
Conversion of Debts to equity (4) 13,200,727 13,200,727 (2)
Issue of Shares for Focus Exploration Acquisition (5) 12,500,000
Issue of Shares under Capital Raising 225,000,000 112,500,000 (2)
Issue of Broker Options (6) 45,000,000 (2)
Total 264,949,321 184,700,727

Notes:

  1. Unlisted Options exercisable at $0.02 on or before 14 July 2021 pre-Consolidation. Following the Consolidation, the exercise price will be increased to $0.40 (Existing Options).
  2. Unlisted Options exercisable at $0.03 (on a post-Consolidation basis) on or before 14 July 2022 (New Options).
  3. The material terms of the Converting Loan Agreement are set out in Section 12.3 of this Prospectus.
  4. Creditors of the Company have agreed to convert an aggregate of $264,015 of the debt owed to them by the Company into Shares at the conversion price of $0.02 per Share (being a total of 13,200,727 Shares) (Debt Conversion Shares), along with one free attaching New Option per Share (Debt Conversion Options). This conversion of these debts to Securities is subject to Shareholder approval.

Indicative Timetable

Event Date
Closing Date of the Offer 12 July 2019
Issue Consideration Shares 19 July 2019
Issue of Shares under the Offer 19 July 2019
Re-quotation of Securities (including Shares issued under the Offer) 23 July 2019
Cleansing Offer Closing Date 26 July 2019

Berinka Project

The Berinka Project is a gold exploration project within the Pine Creek Orogen of the Northern Territory, located 220km south southwest of Darwin.

Features of the Berinka Project include:

  • gold mineralisation associated with >10km strike of poorly tested structurally controlled Berinka Volcanics of the Proterozoic Pine Creek Orogen;
  • previous RC drilling has intersected gold mineralisation associated with sulphide rich veins, open at depth and along strike at the Terrys prospect with a best intersection of 4m @ 6.56g/t from 32m (TRP-018);
  • multiple soil anomalies identified in a 2014 soil program undertaken by previous holder China Land Resources) remains untested by drilling and requires follow up exploration; and
  • multiple gold targets untested by drilling identified from rock chip samples and/or soil anomalism (Au ±As) including Terrys Prospects D to F, Bubbles, B1, Vegetation).

Upon the successful completion of the Acquisition, the Company intends on exploring and developing gold, base metal and other mineral opportunities at the Project.

This deal closed on July 05, 2019