Business
?2.39 million Placing of New Ordinary Shares
?2.39 million Placing of New Ordinary Shares.
About this update from Capital Metals Plc
[{"type":"text","content":"\n \nRNS Number : 2042B Equatorial Palm Oil plc 28 March 2013 \n \n\n28 March 2013\n \nEQUATORIAL PALM OIL plc\n(\"EPO\" or the \"Company\")\n \n£2.39 million Placing of New Ordinary Shares with Warrants\n \nEquatorial Palm Oil plc, (AIM: PAL), the AIM listed palm oil development company with operations in Liberia, is pleased to announce the Company has agreed a conditional placing with new institutional investors of 23,900,000 new ordinary shares at a price of 10 pence per share (\"the Placing Shares\") to raise gross proceeds of £2.39 million (\"the Placing\"). \n \nThe Placing Shares are being issued with warrants (\"the Warrants\") to subscribe for new ordinary shares on the basis of one warrant for each Placing Share. A total of 23,900,000 Warrants will be issued, of which 11,950,000 will be exercisable on or before 7 April 2014 at a price of 12.5 pence per share and 11,950,000 will be exercisable on or before 6 April 2015 at a price of 15.0 pence per share.\n \nThe placement proceeds received by EPO will be used for working capital and to support EPO's interest in the joint venture company, Liberian Palm Developments Limited (\"LPD\") for the ongoing development of its palm oil projects in West Africa.\n \nThe Placing Price of 10 pence per share represents a premium of 3.9 per cent. over EPO's closing share price on 27 March 2013. The Warrant exercise prices of 12.5 pence and 15.0 pence represent a premium of 25 per cent. and 50 per cent. respectively over the Placing Price.\n \nThe Placing Shares represent 17.7 per cent. of the current issued share capital of the Company and will rank pari passu with the Company's existing Shares. \n \nThe Placing is conditional, inter alia, on the admission of the Placing Shares to trading on the AIM market of the London Stock Exchange (\"AIM\"). Application will be made for the admission of the Placing Shares to trading on AIM with effect from 5 April 2013.\nFollowing admission of the Placing Shares the Company's total issued share capital will be 159,144,092 ordinary shares.\n \nMichael Frayne, Chairman of EPO, commented:\n\"The strong level of interest from the investment community during the placing process is extremely encouraging. It underpins the long term support for the Company's strategy and growth plans amongst bot...