BlackEarth Minerals NL (ASX:BEM) intends to hold an auction for up to 4,541,426 BEMAF partly paid shares due to non-payment of a call on these shares.
These shares are credited as paid to $0.0001 per share and unpaid to $0.0599 per share.
The auction is scheduled for Friday, July 2, at 2pm WST at the company’s premises, Level 3, 1138 Hay Street, West Perth, WA, 6005.
Partly paid shares
On May 6, 2021, the company announced a call on its partly paid shares with the call amount due and payable by Friday, May 28, 2021. At the date of the call, the company had 9,403,750 partly paid shares.
Up to and including May 28, 2021, the company received call payments for 2.975 million shares raising $59,510. These partly paid shares will shortly be reclassified to a new class.
In addition, BlackEarth received the full amount payable ($0.0599) for 1,886,824 partly paid shares, raising $113,020. These shares are now fully paid and will be transferred to ordinary shares shortly.
This leaves a total of 4,541,426 BEMAF partly paid shares held by more than 200 partly paid shareholders that are subject to forfeiture.
Partly paid shareholders retain the right to redeem their now forfeited BEMAF partly paid shares, at any time up to or on the last business day before the auction by paying all calls due on the forfeited shares.
Trading halt
Meantime, BlackEarth has today been granted a trading halt by the ASX with an announcement pending in connection with the signing of a material transaction relating to graphite downstream processing.
The securities will remain halted until the start of normal trading on Tuesday, June 8, 2021, or when an announcement is released to the market.