Business
First Day of Dealings on the Official List of LSE
First Day of Dealings on the Official List of LSE.
About this update from Contango Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 1778V Contango Holdings PLC 01 November 2017 \n\nContango Holdings plc / EPIC: CGO / Market: LSE / Sector: Mining\n \nContango Holdings plc ('Contango' or the 'Company')\nFirst Day of Dealings on the Official List of the London Stock Exchange\n \nContango Holdings plc, a company formed for acquiring a controlling interest in a company or business in the natural resources sector, is pleased to announce that its ordinary shares commenced trading on the Official List of the London Stock Exchange at 8.00 a.m. today under the EPIC CGO (\"Admission\"). As part of the Admission process, the Company has raised gross proceeds of £1,000,000, before expenses, to fund a single acquisition in the natural resources sector. \n \nThe company completed a Placing of 23,333,321 new ordinary shares at a placing price of 3p each to raise £700,000 and completed an initial subscription of 17,500,000 new ordinary shares to raise £300,000 from the Board and other initial subscribers. The Company will admit a total of 42,949,987 ordinary shares implying a market cap of £1,225,000.\n \nBrandon Hill Capital Limited is acting as Financial Adviser and Broker to Contango.\n \nOverview\n· A new vehicle focussed on identifying and acquiring value accretive assets or businesses in the natural resource industry; \n· Board comprised of pre-eminent figures in the natural resources industry, with a wealth of experience in identifying and assessing acquisition targets and executing such transactions as well as the technical prowess and access to finance to deliver for shareholders\n· Raised gross proceeds of £1,000,000 through a placing and initial subscription;\n· The Board has invested over £200,000 and its holdings are locked in for 12 months whilst the initial subscribers holdings are locked in for 6 months;\n· Intention to use some or all of the net proceeds from Admission (being £828,500 in cash* to fund the due diligence and other transaction costs in respect of a single acquisition, this may include a legal, financial, technical and operational evaluation of an acquisition;\n· Recent underinvestment in the junior resource sector...