News

(i) Proposed Private Placement;
(ii) Proposed Share Split;
(iii) Proposed Free Warrants Issue; And
(iv) Proposed Amendments (collectively Referred To As The "Proposals")

Back23 Nov 2010
Date Announced
:
 23/11/2010  




Type
:
 Announcement
Subject
:
QL RESOURCES BERHAD ("QL" OR THE "COMPANY")

(I) PROPOSED PRIVATE PLACEMENT;
(II) PROPOSED SHARE SPLIT;
(III) PROPOSED FREE WARRANTS ISSUE; AND
(IV) PROPOSED AMENDMENTS

(COLLECTIVELY REFERRED TO AS THE "PROPOSALS")

Contents
:
(I) PROPOSED PRIVATE PLACEMENT OF UP TO 20,827,920 SHARES IN QL ("PROPOSED PRIVATE PLACEMENT");

(II) PROPOSED SHARE SPLIT INVOLVING THE SUBDIVISION OF EVERY ONE (1) EXISTING ORDINARY SHARE OF RM0.50 EACH HELD IN QL INTO TWO (2) ORDINARY SHARES OF RM0.25 EACH IN QL ("QL SHARE(S)" or "SHARE(S)") HELD ON AN ENTITLEMENT DATE TO BE DETERMINED AND ANNOUNCED LATER ("ENTITLEMENT DATE") ("PROPOSED SHARE SPLIT");

(III) PROPOSED ISSUE OF UP TO 41,600,000 FREE WARRANTS IN QL ("WARRANT(S)") ON THE BASIS OF ONE (1) FREE WARRANT FOR EVERY TWENTY (20) EXISTING QL SHARES HELD ON AN ENTITLEMENT DATE TO BE DETERMINED AND ANNOUNCED LATER AFTER THE PROPOSED PRIVATE PLACEMENT AND PROPOSED SHARE SPLIT ("PROPOSED FREE WARRANTS ISSUE"); AND

(IV) PROPOSED INCREASE IN THE AUTHORISED SHARE CAPITAL AND CONSEQUENTIAL AMENDMENTS TO THE COMPANY'S MEMORANDUM AND ARTICLES OF ASSOCIATION ("PROPOSED AMENDMENTS").

(COLLECTIVELY REFERRED TO AS THE "PROPOSALS")

Announcement Details :

We refer to the announcement made by OSK Investment Bank Berhad ("OSK") on behalf of the Board of Directors of QL ("Board") on 3 November 2010 in relation to the Proposals.

On behalf of the Board, OSK wishes to announce that the listing application to Bursa Malaysia Securities Berhad in regards to the Proposed Private Placement, Proposed Share Split and Proposed Free Warrants Issue and application to Bank Negara Malaysia in regards to the Proposed Free Warrants Issue have been submitted on 23 November 2010.


This announcement is dated 23 November 2010.