TERREX RESOURCES LIMITED 2000-02-17 ASX-SIGNAL-G
HOMEX - Perth
+++++++++++++++++++++++++ APPOINTMENT OF A DIRECTOR AND ANNOUNCEMENT OF PROPOSED PLACEMENT
The Board of Terrex Resources Limited ("Terrex") is pleased to announce the appointment of Mr Hans Reudi Moser as a director of the Company.
Mr Moser is a resident of Switzerland with over 20 years' experience in the Swiss banking and finance industry. He is currently a principal of a large European portfolio manager and is a director of Access1 Limited, AdultShop.com Limited, Grange Resources Limited, Pulsat Communications Limited, Shield Equities Limited, Spinifex Gold NL and Union Capital Limited. Mr Moser has historically been an active investor in Australian gold exploration companies, and in more recent times an active investor in technology based companies.
Subject to shareholder approval, the Company will issue 15,000,000 fully paid ordinary shares at an issue price of 12 cents per share and 15,000,000 free attaching options to clients of European fund managers. The options will be exercisable at 20 cents on or before 31 December 2002 and will have the same terms and conditions as the existing options expiring on that date.
The issue will raise $1,800,000 and the Company will not accept oversubscriptions.
Funds raised by the proposed share issue will be used as follows:
(i) to fund ongoing development of the Company's medical communications business, Global Doctor Limited ("GDL").
Terrex recently completed its obligations to expend the first $450,000 to develop the GDL business pursuant to the acquisition agreement and has increased its interest in GDT to 60%.
To date, GDL has appointed key medical, technical and administrative staff to faciliate development of the business, successfully conducted technical trials of its video conferencing and telemedicine equipment from its first clinic in Chengdu, the capital of Sichuan, China, and established formal procedures and medical protocols to ensure the highest standard of patient confidentiality and medical diagnosis are carried out.
GDL will expend further funds on:
* commissioning the commencement of operations at the Chengdu clinic, which is scheduled for March 2000;
* researching and developing further clinics in Asia. A number of potential sites have been identified and GDL is in the process of seeking the necessary government approvals, staff and offices; and
* continuing to refine its medical systems and procedures.
(ii) to fund exploration of the Company's existing mineral properties
Terrex's main exploration focus is on the Putao, Kawttabun and Mt Loimye Prospecting Licences in Myanmar, in which Terrex is earning 51%. Terrex has completed an initial stream sediment and rock chip sampling programme and is awaiting granting of an export permit to dispatch the samples to Perth for analysis.
Terrex plans to establish a detailed grid over anomalous areas and conduct a soil sampling programme, and if warranted follow up identified targets with a RAB drilling programme.
Terrex is also negotiating the farm-out of its interest in the Southdown magnetite deposit.
(iii) to fund new business opportunities and to provide working capital
Terrex continues consider new opportunities in both the resources and technology sectors.
An Appendix 3B new issue announcement is attached.
R Gillard CHAIRMAN
MORE TO FOLLOW
TERREX RESOURCES LIMITED 2000-02-17 ASX-SIGNAL-G
HOMEX - Perth
+++++++++++++++++++++++++ APPENDIX 3B NEW ISSUE ANNOUNCEMENT
Name of Entity Terrex Resources Limited
ACN or ARBN 007 553 979
We (the entity) give ASX the following information.
PART 1 - ALL ISSUES
1. Class of securities to be issued Shares and options. 2. Number of securities to be issued 15,000,000 shares and 15,000,000 options.
3. Issue price of the securities 12 cents per share.
4. If the securities are convertible, Options exercisable at 20 cents a summary of their main terms on or before 31/12/2002.
5. The amount to be raised by the $1,800,000. issue
6. Is there a right to accept or No. retain over-subscriptions If so, give details
7. Purpose of the issue Funds raised will be used to fund development of the medical communications business, exploration of existing mineral properties and new business opportunities and to provide working capital.
8. Will the securities participate Yes. in dividends (in the case of a trust, distributions) or interest If so, give the date from which Fully from the date of issue. they will participate, and the extent to which they will participate
9. Dividend policy (in the case of There are no plans to pay a trust, distribution policy) on dividends at this stage. the increased capital (interests)
PART 2 - ISSUE TO A CLASS OF SECURITY HOLDERS If the issue is a placement, this part does not need to be completed.
Items 10 to 38 are Not Applicable
R Gillard CHAIRMAN 17/02/2000 |