Business
Placing to Raise £200,000
Placing to Raise £200,000.
About this update from Arkle Resources Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n \n \n \n 14 November 2022\n \n \n \n \n \n \n \n \n Arkle Resources PLC\n \n \n \n \n \n \n \n \n \n (\"Arkle\" or the \"Company\")\n \n \n \n \n \n \n \n \n \n Placing to Raise £200,000\n \n \n \n \n \n \n Arkle Resources (AIM:ARK), the Irish Gold and Zinc resources discovery company, is pleased to announce that it has raised £200,000 (before expenses) through a placing of 50,000,000 new ordinary shares at a price of 0.4p per share (the \"Placing Shares\") (the \"Placing\"). Each Placing Share has one warrant attached with the right to subscribe for one new ordinary share at 0.5p for a period of two years.\n \n \n \n \n \n \n USE OF FUNDS\n \n \n \n The net funds received from the Placing will be used for the anticipated drilling programme for zinc in Limerick at the Stonepark Joint Venture as well as for general corporate activities.\n \n \n \n \n \n \n DIRECTOR PARTICIPATION\n \n \n \n John Teeling and David Cockbill, both directors of the Company, have participated in the Placing on the same terms as described above as follows:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n No. of Placing\n \n \n \n \n Shares subscribed for\n \n \n \n \n \n \n Resultant\n \n \n \n \n shareholding\n \n \n \n \n \n \n % of enlarged\n \n \n \n \n share capital\n \n \n \n \n \n \n \n John Teeling\n \n \n \n \n 2,500,000\n \n \n \n \n 13,375,773\n \n \n \n \n 3.38\n \n \n \n \n \n \n David Cockbill\n \n \n \n \n 2,500,000\n \n \n \n \n 7,435,408\n \n \n \n \n 1.88\n \n \n \n \n \n \n \n \n \n \n RELATED PARTY TRANSACTION\n \n \n \n The participation of John Teeling and David Cockbill in the Placing is a related party transaction for the purposes of AIM Rule 13 of the AIM Rules for Companies. The Director independent of the Placing (being Jim Finn) considers, having consulted with SP Angel Corporate Finance LLP, the Company's Nominated Adviser, that the participation in the Placing by Mr Teeling and Mr Cockbill is fair and reasonable in so far as Arkle's shareholders are concerned.\n \n \n \n \n \n \n \n \n ADMISSION, WARRANTS AND TOTAL VOTING RIGHTS\n \n \n \n An application will be made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM (\"Admission\"). It is expected that Admission will become effective and tha...