Non-renounceable Entitlement Issue of Options
Riedel Resources Limited (“Riedel”) is pleased to advise that in accordance with the Prospectus dated 12 November 2010, the Directors of the Company have resolved to make a pro rata non-renounceable offer to issue approximately 29,104,050 New Options under a new Prospectus at an issue price of $0.01 (1 cent) per New Option to raise approximately $291,040 before expenses.
The new options will have an exercise price of $0.20 and an expiry date of 30 November 2012. The New Options are being offered on the basis of one (1) New Option for every two (2) Shares held on the Record Date of 13 May 2011.
Each Shareholders entitlement under the Offer will be set out in the Entitlement and Acceptance Form that will accompany the Prospectus, to be mailed to Shareholders registered at the Record Date.
The Company will apply for official quotation of the Options issued under the Prospectus.
The indicative timetable for the offer is contained in the ASX announcement.
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