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Hydromet Corporation Announced Offer to Participate in Share Purchase Plan
Wednesday March 26, 2008, 10:54 am

Original Announcement: Letter to Shareholders

Hydromet Corporation advised that it has introduced a Share Purchase Plan. Pursuant to the Plan, the Company is offering an opportunity for its shareholders registered on 25 March 2008 to purchase FPO shares directly from the Company for amounts of $1,000, $3,000 or $5,000 per shareholder. On successful application for shares under the Plan, each applicant will, in addition, be issued without any further payment with one option for each two shares applied for, entitling that applicant to apply at any time up to and including 30 June 2010 for one ordinary share at an exercise price of $0.17 per share. The subscription price of the Share is $0.10 each which is at an approx 7.4% discount. The Plan provides for the issue of a maximum of 63m shares and 31.5m options raising a total of $6.3m on issue of the Shares and $5.355m on exercise of the options. The majority of the funds to be raised will be used for expansion of the battery crushing facility.

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