CRP share purchase plan closes

Last updated 13:58 13/02/2013

Relevant offers

Industries

Hamilton retailer Forlong's could raise city's vacancy rate Ceres Organics and Northland health board get top marks for green buildings CFO Summit: Better Drinks Company CEO leading since he was six CFO Summit: Sustainability should work into businesses' core values Britain's The Independent newspaper to cease print editions Uncertainty surrounds Southland's Prime Range Meats as workers are sent home Buy this beach: What you need to know Backpackers in Marlborough not paid for vineyard work Inland Revenue close to revealing job cuts as BT programme proceeds apace BNZ seeks mortgagee sale of Abel Tasman beach owner's $1.6m Wellington home

Chatham Rock Phosphate is on track to raise $1 million in new capital from shareholders.

The company plans to mine rock phosphate under the sea from the Chatham Rise.

The share purchase plan closes at 5pm today, and shares will be alloted early next week.

CRP chief executive Chris Castle said the $1m support reflected three years of strong progress and the board was pleased with the response from shareholders.

The company's shareholder base had also risen from 300 in September to 430 now.

CRP holds a prospecting permit to develop an undersea rock phosphate resource, about 450 kilometres east of Christchurch.

The company was granted its prospecting licence in 2010, and since then it has increased its market value from $2.5m to $48m and raised $21m from investors.

The company applied for a mining licence last year.

CRP has three cornersone shareholders; Boskalis, Subsea Investments and Odyssey Marine. Last year, international dredging giant Boskalis took a 20 per cent stake in CRP, mainly as a prepayment for services

CRP plans to file its marine consent application by the middle of the year. It also aims to list on an overseas sharemarket.

Ad Feedback

- BusinessDay.co.nz

Special offers

Featured Promotions

Sponsored Content