Business
Proposed Placing of New Ordinary Shares
Proposed Placing of New Ordinary Shares.
About this update from Ecora Royalties Plc
[{"type":"text","content":"\n \nRNS Number : 5552I Anglo Pacific Group PLC 02 June 2014 \n\n \nTHIS ANNOUNCEMENT (INCLUDING THE APPENDIX) AND THE INFORMATION CONTAINED HEREIN ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, JAPAN, JERSEY, SOUTH AFRICA OR ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL. THIS ANNOUNCEMENT IS NOT AN OFFER OF SECURITIES IN THE UNITED STATES, CANADA, SOUTH AFRICA, AUSTRALIA, JAPAN, JERSEY OR ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL.\n \nJune 2, 2014\n \n \nAnglo Pacific Group PLC\nProposed Placing of New Ordinary Shares\n \nAnglo Pacific Group PLC (the \"Company\") announces today its intention to place up to 5,544,371 new ordinary shares in the Company, representing approximately 5% of the Company's existing issued share capital, with both existing and new institutional investors. The Company may increase the number of new ordinary shares to be placed where there is demand to do so and issue up to 9,806,693 new ordinary shares in the Company in total (the \"Placing Shares\"), representing approximately 8.8% of the Company's existing issued share capital (the \"Placing\").\n \nThe Placing is being conducted through an accelerated book build process which will be launched immediately following this Announcement, in accordance with the terms and conditions set out in the Appendix. Barclays Bank PLC (\"Barclays\") and BMO Capital Markets Limited (\"BMO\" and together with Barclays, the \"Banks\") are acting as joint bookrunners in connection with the Placing.\n \nBackground to and Reasons for the Placing\n \nIn October 2013, the Company appointed a new management team to lead the Company through its next phase of growth, with a goal of becoming a leading international diversified royalty company with a focus on base metals and bulk materials.\n \nThe net proceeds of the Placing will be used to part-fund the US$22 million cash component of the consideration being paid to Cancap Investments Limited in exchange for its 2% net smelter return royalty relating to the Maracás vanadium project located in Brazil (as further described in the announcement released by the Company earlier today) (the \"Acquisition\").\n \nDetails of the Placing\n \nThe Placing is subject to the terms and conditi...