Business
Completion of Acquisition and Placing
Completion of Acquisition and Placing.
About this update from 80 Mile Plc
[{"type":"text","content":"\n \nRNS Number : 3249R FinnAust Mining PLC 08 March 2016 \n\nFinnAust Mining plc / EPIC: FAM / Market: AIM / Sector: Mining\n8 March 2016\nFinnAust Mining plc ('FinnAust' or the 'Company')\n \nCompletion of Acquisition of Bluejay Mining Limited and Placing\n \nFinnAust Mining plc, the AIM listed exploration company with projects in Greenland, Finland and Austria, announces that it has completed the acquisition of a 60% stake in Bluejay Mining Limited ('Bluejay') following receipt of change of control consent from the Greenlandic authorities. The associated Placing, announced on 9 December 2015, has also now completed. Accordingly, FinnAust now holds a majority interest in the 126sq km high grade Pituffik titanium project in Greenland, which has been proven to host an unusually pure titanium occurrence with three highly prospective target areas identified.\n \nDefined terms used in this announcement shall have the same meaning as those terms defined and used in the circular of the Company dated 8 December 2015 and is available at www.finnaust.com.\n \nBluejay Acquisition\nFollowing the consent of the Greenlandic authorities to the change of control of the Mineral Exploration Permit held by Bluejay, the Bluejay Acquisition and the Placing have become unconditional. Accordingly, the Initial Consideration Shares, being 123,900,000 new ordinary shares of 0.01p each, have been issued to the Bluejay Vendors and the 10,000,000 Placing Shares have been issued and allotted by the Company. \n \nThe deferred consideration of 40,755,885 new ordinary shares of 0.01p each (\"Deferred Consideration Shares\") will only become due if Bluejay is granted a mineral exploration permit over the offshore Pituffik project area and if the issue of the Deferred Consideration Shares does not trigger a mandatory offer pursuant to Rule 9 of the Takeover Code.\n \nUnder the terms of the Bluejay Acquisition, the Company has also been granted an option by the Bluejay Vendors to acquire the remaining 40% of Bluejay for the sum of £594,393 to be satisfied by the issue of 108,071,388 new ordinary shares of 0.01p each to the Bluejay Vendors, pro rata, to their respective holdings in Bluejay. The Option will be exercisable for a period of four years from the date of completion of the Bluejay Acquisition, so unti...