Potash West NL (ASX:PWN,OTCQX:PWNNY) announced financing of up to $3,072,513.84 by way of a renounceable entitlements issue to shareholders, open to all eligible shareholders the right to subscribe for a share (Share) plus an attaching quoted option (A Class Option) at $0.22.
As quoted in the press release:
The A Class Option will have an exercise price of $0.30 and an expiry date of 15 March 2015. Shareholders will receive an entitlement to apply for 1 Share for every 6 shares held as at the record date, 26 February 2013. Generally, shares purchased on market on or after the “Ex Date” of 20 February 2013 are NOT entitled to participate in the Offer.
Entitlements to Shares and A Class Options pursuant to the Offer are renounceable and accordingly, rights may be traded on ASX. Rights trading will commence on 20 February 2013 and end on 15 March 2013.