Chatham Rock Phosphate Confirms New Zealand Share Purchase Plan Timetable

Chatham Rock Phosphate Confirms New Zealand Share Purchase Plan Timetable

WELLINGTON, New Zealand, June 25, 2018 /CNW/ - Chatham Rock Phosphate Limited (TSXV: "NZP" and NZAX: "CRP" or the "Company") advised on 21 June that it intended to undertake a share purchase plan offer to existing shareholders.

CRP now wishes to confirm the timetable for the offering as it relates to New Zealand resident shareholders:

The offer will also be made to Canadian resident shareholders however the record date for the Canadian component of the offering was 19 June 2018.

Under the share purchase plan all shareholders, regardless of the size of their existing shareholding, are offered the opportunity to purchase up to 20,000 Units at a cost of up to CAD$5,000, or NZD$5,280 with the ability to apply for oversubscriptions.

Each Unit will consist of one (1) common share in the capital of the Company and one-half of one (½) non-transferable share purchase warrant ("Warrant"). Each whole Warrant entitles the holder to acquire one common share at a price of CAD$0.45 per share at any time prior to the date that is two years from the date of issuance.  In the event that the common shares of the Company trade on the TSX Venture Exchange at a closing price of greater than CAD$0.60 per common share for a period of 20 consecutive trading days at any time after four months and one day after the closing date of the private placement, the Company may accelerate the expiry date of the Warrants by giving notice to the holders thereof by way of a news release and in such case the Warrants will expire on the 30th day after the date of dissemination of the news release.

Completion of the offering is subject to receipt of the approval of the TSX Venture Exchange to list the Common Shares underlying the Units and the Warrants on the Exchange.  All securities issued pursuant to the offering will be subject to a four month and one day hold period in Canada in accordance with applicable Canadian securities laws.

Neither the Exchange, its Regulation Service Provider (as that term is defined under the policies of the Exchange), or NZX Limited has in any way passed upon the merits of the Transaction and associated transactions, and has neither approved nor disapproved of the contents of this press release.

SOURCE Chatham Rock Phosphate