21 June 2007capital raising announcement● NeutralMajor
Ireland hired S&P Investors as its agent for a US share offering, paying a 7% commission plus agent warrants. It also issued a first tranche of 2,016,000 units to non-US investors and 2,250,000 units to US accredited investors at $0.65 per unit. Each unit is one share plus a half warrant exercisable at $1.00 for one year. This is the first tranche of the placements announced April 25, 2007, so existing shareholders are diluted.
What it means for a shareholder
2.3m new shares at $0.650 to raise about $1.5m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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