Cap-in-hand proposal again cancelled by A-Cap

THE on-again, off-again mini-saga that is the A$4 million capital raising by A-Cap Resources is off again, with the problem this time round said to be a name change by the underwriter getting in the way of Chinese authorities providing the documentation required.

Cap-in-hand proposal again cancelled by A-Cap Cap-in-hand proposal again cancelled by A-Cap Cap-in-hand proposal again cancelled by A-Cap Cap-in-hand proposal again cancelled by A-Cap Cap-in-hand proposal again cancelled by A-Cap

Capital raising plans axed again.

According to A-Cap, the delay in Jiangsu Shengan Resources receiving a Certificate of Overseas Investment follows its earlier name change from Jiangsu Chixiang Precision Gears, and that is to blame for Jiangsu not being able to do the underwriting.
 
Jiangsu has previously underwritten an A-Cap capital raising and is the ASX-listed junior's major shareholder.
 
The $4 million raising was first proposed in early April, but was cancelled later that same month when A-Cap realised it had incorrectly stated the basis of the non-renounceable rights offer as two new shares for every 6.54 shares - as opposed to the correct ratio of one new share for every 13.08 shares held.
 
The cancellation that time r...