Business
Subscription and Placing to Raise £5.4 million
Subscription and Placing to Raise £5.4 million.
About this update from Atlantic Lithium Limited.
[{"type":"text","content":"\n \nRNS Number : 0391I IronRidge Resources Limited 21 November 2018 \n\n \n21 November 2018\n \nIronRidge Resources Limited\n(AIM: IRR)\n \nSubscription and Placing to Raise £5.4 million\n \nIronRidge Resources Limited (\"IronRidge\" or the \"Company\") is pleased to announce it has raised approximately £5.4 million before expenses through a subscription for, and placing of, in aggregate, 27,022,000 new ordinary shares in the Company at a price of 20 pence per share (the \"Issue Price\"). The Company will primarily utilise these funds towards the development of its gold and lithium projects in Ghana, Chad and Côte d'Ivoire in Africa.\n \nBinding commitments to subscribe (the \"Subscription\") for a total of 24,522,000 new ordinary shares (the \"Subscription Shares\") at the Issue Price have been received from Assore Limited (the Company's largest shareholder), Sumitomo Corporation, Vincent Mascolo (the Company's Chief Executive Officer), Neil Herbert, (the Company's Non-Executive Chairman) and other subscribers. In addition to the Subscription, the Company has also placed (the \"Placing\") 2,500,000 new ordinary shares (the \"Placing Shares\") at the Issue Price with a number of placees.\n \nDetails of the Subscription and Placing\n \nThe Subscription Shares and the Placing Shares have been allotted and issued conditional, inter alia, on their admission to trading on AIM.\n \nAn application has been made to the London Stock Exchange for the Subscription Shares and the Placing Shares, which will rank pari passu with the Company's existing issued ordinary shares, to be admitted to trading on AIM. Dealings in the Placing Shares and Subscription Shares are expected to commence at 8:00 a.m. on or around 26 November 2018 (\"Admission\").\n \nFollowing the issue of the Placing Shares the Company's total issued share capital will comprise 308,968,158 ordinary shares. In accordance with FCA Disclosure Guidance and Transparency Rules (\"DTRs\"), the Company has 308,968,158 ordinary Shares in issue, each share carrying the right to one vote. The Company does not hold any ordinary shares in Treasury. \n \nUse of proceeds\n \nIt is intended that the proceeds of the Placing will primarily contribute to working capital and the ongoing development of the Compan...