Business
Placing and Subscription to Raise £380,000
Placing and Subscription to Raise £380,000.
About this update from Empire Metals Limited
[{"type":"text","content":"\n \nRNS Number : 9164Z Georgian Mining Corporation 23 May 2019 \n\n23 May 2019\nGeorgian Mining Corporation\nPlacing and Subscription to Raise £380,000\n \nGeorgian Mining Corporation ('GEO' or the 'Company') is pleased to announce that it has raised £380,000 by way of a placing and subscription of 19,000,000 new ordinary shares of no par value in the capital of the Company (the 'Placing Shares'), with new and existing shareholders in the Company, at a price of 2 pence per Placing Share (the 'Placing'). \n \nMr Peter Damouni, Non-Executive Director of the Company has subscribed for 500,000 Placing Shares. Following this purchase, Mr Damouni's total beneficial ownership in the Company is 907,500 ordinary shares of no par value in the capital of the Company (\"Ordinary Shares\") representing 0.79% of the Company's issued share capital.\n \nThe net proceeds of the Placing will be primarily used to sustain operations in Georgia during the extended exploration permit renewal process, for identifying compelling new assets on which the Company can add short term value, as well as for general working capital purposes.\n \nIn addition, certain directors of the Company, being Neil O'Brien, Gregory Kuenzel, Laurence Mutch and Peter Damouni have agreed to completely write off their accrued compensation for the past 12 months. Michael Struthers, CEO of the Company, has agreed to write off part of his compensation for the past 12 months. The total amount of the write off will total approximately £275,000.\n \nGEO's CEO, Mike Struthers said, \"We're pleased to secure further support from our existing shareholders in this challenging period for the Company, allowing us to continue to try to unlock the permitting challenge with the Government in Georgia, and to further assess the potential for adding new assets into the Company on which we can add value in the short term. We have an excellent team in Georgia who are highly motivated and eager to prove themselves. I hope we can provide them that opportunity for the benefit of all our shareholders in the near future.\"\n \nApplication for Admission\n \nThe Placing Shares will rank pari passu in all respects with the existing ordinary shares of no par value in the capital of the Company. Application will be made to the London Stock Exchange for t...