Business
Subscription to raise ?7.69 million
Subscription to raise ?7.69 million.
About this update from Capital Metals Plc
[{"type":"text","content":"\n \nRNS Number : 9328T Equatorial Palm Oil plc 26 November 2013 \n \n\n26 November 2013\nEQUATORIAL PALM OIL PLC\n(\"EPO\" or the \"Company\")\n \nSubscription to raise £7.69 million\n \nEquatorial Palm Oil plc (AIM: PAL), the AIM listed and Liberia focussed sustainable palm oil developer, is pleased to announce that, further to its announcement on 7 November 2013, it has raised, in aggregate, £7.69 million (before expenses) by way of a subscription for 153,817,648 new ordinary shares of 1p each in the capital of the Company (the \"Subscription Shares\") by KL - Kepong International Ltd., a wholly owned subsidiary of Kuala Lumpur Kepong Berhad (\"KLK\"), at a price of 5p per share (the \"Subscription\").\n \nUse of Proceeds\nThe net proceeds raised will be used to further progress the development of the Company's palm oil project in Liberia and for general working capital purposes. \n \nDetails of the Subscription\nThe Company has issued the Subscription Shares under its existing share capital authorities. KLK, the Company's joint venture partner and a significant shareholder, has subscribed for all of the Subscription Shares for an aggregate consideration of £7.69 million. \n \nThe mid-market price of an ordinary share in the capital of the Company (\"Ordinary Share\") at the close of business on 25 November 2013 (being the latest practicable date prior to this announcement) was 5.25p. Application has been made to the London Stock Exchange for the Subscription Shares to be admitted to trading on AIM (\"Admission\"), and it is expected that Admission will become effective and that dealings in the Subscription Shares will commence at 8.00 a.m. on 29 November 2013.\n \nThe Subscription Shares will be fully paid and will rank pari passu in all respects with the existing Ordinary Shares. The total number of Ordinary Shares in issue following completion of the Subscription and the total number of voting rights will be 354,327,502. EPO does not hold any Ordinary Shares in treasury and accordingly there are no voting rights in respect of any treasury shares.\n \nFollowing completion of the Subscription, the aforementioned figure of 354,327,502 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to n...