Company News Summary
Intrepid Mines Announces Share Placement to Surya Paloh
Original announcement: IAU Share Placement to Surya Paloh
Intrepid Mines announced an agreement for the placement of 27.68m ordinary shares, representing approximately 5% of the company's expanded issued capital, to prominent Indonesian businessman, Surya Paloh. Mr Paloh is a prominent political and business figure in Indonesia. He is the founder and owner of the first Indonesian news television network, Metro TV, and the Media Group, which publishes the Media Indonesia and Lampung Post newspapers. The company will also issue to Mr Paloh, for no consideration, 25.6m Performance Rights to ordinary shares, which vest upon the daily VWAP of the company's shares equalling or exceeding A$1.00 for one full calendar month on the ASX and C$1.00 for one full calendar month on the TSX, and which lapse after one year should vesting not have occurred. The company has further agreed to issue an additional 25.6m Performance Rights to ordinary shares, subject to requisite TSX approvals being obtained.
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