Prospectus Should Be Considered Speculative
Total Page:16
File Type:pdf, Size:1020Kb
MOGUL RESOURCES LIMITED RESOURCES MOGUL ABN 15 125 197 051 PROSPECTUS 2011 ABN 15 125 197 051 PROSPECTUS Prospectus for the offer of 37,500,000 Shares Registered and Corporate Office each at an issue price of $0.20 per Share to Suite 7, 11 Colin Grove raise up to $7,500,000. West Perth Western Australia 6005 IMPORTANT NOTICE Tel +61 8 9463 6656 Fax +61 8 9463 6657 This is an important document that should be read in its entirety. If you do not understand it, you should consult your professional advisor without delay. India Office The Shares offered by this Prospectus should be considered 207 Pragati House 47-48 Nehru Place speculative. Refer to Section 10 for details relating to investment risks. New Dehli 110019, India It is proposed that this issue will close at 5:00 pm (WST) on Tel +91 11 2643 998 30 September 2011. The Directors reserve the right to close Fax +61 8 9463 6657 the Offer earlier or extend this date without notice. PROJECT LOCATIONS RAJASTHAN Quaternary drift sands Fault Deccan Trap basalts Mogul Project Mesozoic - Upper Proterozoics Mine Granitic intrusions - Mid-Proterozoic Town Khetri Major copper DELHI Vindhyan Gp - Mid-Proterozoic mine camp Delhi Super Gp sediments Alwar Project Aravalli Super Gp* Archaean granite Ajmer Project *Archaean rocks with numerous outliers of lower Proterozoic sediments Kayar 9 Mt @ 10.6% Zn Pali Project Agucha 76 Mt @ 14% Zn Zawar 7.8 Mt @ 6.3% Zn PAKISTAN DELHI NEPAL BANGLADESH MYANMAR MUMBAI PROJECT LOCATIONS INDIA Mogul Project Location BANGALORE Ganges & other fluviatile sediments Undifferentiated phanerozoic rocks Deccan Traps (plateau basalts) Lower-Upper Proterozoic fold belts Archaean Craton CONTENTS SECTION PAGE 1. Letter from the Chairman 06 2. Details of Offer 08 3. Mogul and its Projects 12 4. Board and Management 36 5. Independent Technical Assessment 38 6. Investigating Accountant’s Report 93 7. Financial Information 95 8. Solicitor’s Report on Mining Tenements 102 9. Corporate Governance 118 10. Risk Factors 123 11. Additional Information 127 12. Authorisation 131 13. Glossary of Terms 132 Application Forms & Instructions CORPORATE DIRECTORY Directors Share Registry Sundeep Bhandari Security Transfer Registrars Pty Ltd B.Com 770 Canning Highway Chairman APPLECROSS WESTERN AUSTRALIA 6153 Harjinder Kehal Telephone: +61 8 9315 2333 B.Sc, MMEC, MAIG, MAusIMM Facsimile: +61 8 9315 2233 Managing Director Securities Exchange Listing Max Cozijn ASX Limited B.Com, ASA, MAICD ASX Code: MOI Director Auditor and Company Secretary Investigating Accountant Max Cozijn Crowe Horwath Perth B.Com, ASA, MAICD Level 6 256 St Georges Terrace Registered and PERTH Corporate Offi ce WESTERN AUSTRALIA 6000 Unit 7, 11 Colin Grove Independent Geologist WEST PERTH SRK Consulting (Australasia) Pty Ltd WESTERN AUSTRALIA 6005 10 Richardson Street Telephone: +61 8 9463 6656 WEST PERTH Facsimile: +61 8 9463 6657 WESTERN AUSTRALIA 6005 www.mogulresources.com Solicitors to the Company Postal Address Hardy Bowen Lawyers PO Box 366 Level 1, 28 Ord Street WEST PERTH WEST PERTH WESTERN AUSTRALIA 6872 WESTERN AUSTRALIA 6005 Registered Offi ce India Solicitors (India) 207 Pragati House Trilegal 47-48 Nehru Place A-38 Kailash Colony NEW DELHI 110019 INDIA NEW DELHI 110048 INDIA Telephone: +91 11 2643 9986 MOGUL RESOURCES PROSPECTUS HIGHLIGHTS OF THE ISSUE OBJECTIVES AND STRATEGY • Mogul aims to create wealth for Shareholders through targeted exploration, thereby making discoveries and subsequent development of copper, gold and lead-zinc orebodies. • A technical team assembled by the Company will evaluate the latent potential of its projects by using systematic modern exploration methods, the latest technologies guided by best practice geological science and an open mind to mineralisation models. MOGUL’S ASSETS EXPLORATION PROGRAMS Mogul Resources Limited (Mogul) has assembled a targeted • Mogul has planned aggressive and targeted exploration portfolio of projects that represent an excellent opportunity for programs to evaluate highly prospective targets on its India the discovery of new copper, gold and lead-zinc deposits. projects. The Company’s Rajasthan projects are located within Proterozic • Priority projects in Rajasthan will be the immediate focus age rocks. The main styles of mineralisation that Mogul is of drill testing with the aim to make an early discovery, targeting are IOCG, SEDEX and VMS. Mogul has three project development and production. areas in Rajasthan comprising Pali, Ajmer and Alwar covering • Utilisation of an established exploration team and logistical an area of approximately 4,300km2. The Pali Project is the most infrastructure to enable the generation of new targets and advanced with an IOCG target identified, a hydrothermal system follow-up systematic exploration. recognised and alteration observed in historic stopes. Broad • Well-established in-country expertise will allow Mogul to spaced systematic geochemical soil sampling has delineated manage its current projects and acquire new projects. an anomalous lead-copper-gold zone measuring 1.2km long by 1.2km wide, which remains open in all directions. Rock chip INDIA ATTRIBUTES samples from old workings have returned high base metal assays of up to 62% Pb, 1.5% Zn, 3.4% Cu, 3.0g/t Au and 146g/t • Prospective Archaean and Proterozoic geology with potential Ag. At Ajmer, a lead-zinc target with potential for repetitions for large scale deposits. of the Kayar, Ghugera and Taragarh style of deposits has been • Mines Act in existence since 1952. identified in the project area. Alwar, another IOCG target, • Large pool of skilled English speaking workforce. includes iron-rich units representing sites of hydrothermal • Economy growing at a rate of approximately 8% per annum. alteration and several granite “domes”. Significant lineaments representing regional shears have been identified from • Major infrastructure advances. LANDSAT Imagery and rock chip sampling with results of up to 16.1% Cu, highlights that the Alwar Project has potential to host KEY INVESTMENT RISKS IOCG deposits. The following are risks the Company considers to be key Mogul’s focus in its Karnataka projects is primarily for gold investment risks: and the Company sees an opportunity to secure a footprint in • Failure of exploration to define economic mineral deposits. a geological terrain similar to that of the Eastern Goldfields in • A downturn in commodity prices. Western Australia. Mogul has extensive in-house experience in the gold mineralisation styles being targeted. • Failure of third parties to perform contractual obligations. • Tenement grants, land access and possible new regulations. As a result, Mogul’s India projects represent an excellent opportunity for a junior company like Mogul to make new and Refer to Section 10 of this Prospectus for more information on exciting mineral discoveries. investment risks that could adversely affect Mogul’s financial performance and the value of its shares. This section is not intended to provide full information for investors considering an application for Shares offered pursuant to this Prospectus. The Prospectus should be read and considered in its entirety. 04 MOGUL RESOURCES PROSPECTUS IMPORTANT NOTES AND STATEMENTS This Prospectus is dated 22 July 2011. A copy of this Prospectus SPECULATIVE INVESTMENT has been lodged with ASIC on that date. ASIC and ASX take no The Shares offered under this Prospectus are considered speculative. responsibility for the contents of this Prospectus. There is no guarantee that the Shares offered by this Prospectus will No Shares will be issued or granted on the basis of this Prospectus make a return on the capital invested, that dividends will be paid on later than 13 months after the date of this Prospectus. the Shares or that there will be an increase in the value of the Shares in the future. This Prospectus does not constitute an offer in any place in which, or to any person to whom, it would not be lawful to make such an offer. Potential investors should carefully consider whether the Shares This Prospectus has been prepared to conform with the requirements offered by this Prospectus are an appropriate investment for them in light of their personal circumstances, including their financial and of securities law in Australia. taxation position. Refer to Section 10 for details relating to the risks This Prospectus is available in electronic form via associated with investing in the Company. www.mogulresources.com. The Offer constituted by this Prospectus in electronic form is available only to persons receiving USING THIS PROSPECTUS this Prospectus in electronic form within Australia. Persons having Persons wishing to subscribe for Shares offered by this Prospectus received a copy of this Prospectus in its electronic form may, during should read this Prospectus in its entirety in order to make an the Offer Period, obtain a paper copy of this Prospectus (free of informed assessment of the assets and liabilities, financial position charge) by telephoning the Company on (08) 9463 6656. Applications and performance, profits and losses and prospects of the Company for Shares may only be made on the Application Form attached and the rights and liabilities attaching to the Shares offered to, or accompanying, this Prospectus or in its paper copy form as pursuant to this Prospectus. If persons considering subscribing downloaded in its entirety from www.mogulresources.com. The for the Shares offered by this Prospectus have any questions, they Corporations Act prohibits any person from passing on to another should consult their stockbroker, solicitors, accountants or other person the Application Form unless it is attached to, or accompanies, professional advisers for advice. a hard copy of this Prospectus or the complete and unaltered Investors wishing to subscribe for Shares should complete the electronic version of this Prospectus. relevant Application Form included in, or accompanying, this This Prospectus should be read in its entirety. The Offer contained in Prospectus as applicable. this Prospectus does not take into account the investment objectives, financial situation and particular needs of the investor.