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Placing, Subscription and CLN to raise £330,000
Placing, Subscription and CLN to raise £330,000.
About this update from Gem Resources Plc
[{"type":"text","content":"\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.\n \nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIIONS (SI 2019/310) (\"UK MAR\"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \nURA Holdings plc\n('URA' or 'the Company')\n \nPlacing and Subscription to raise £280,000 in ordinary shares and £50,000 by way of a convertible loan note (the \"Fundraise\")\nURA is pleased to announce that it has raised £280,000 (before expenses) through a placing and subscription, issuing in aggregate 14,000,000 new ordinary shares in the capital of the Company (\"New Ordinary Shares\") at an issue price of 2p per New Ordinary Share. The placing and subscription elements of the Fundraise were oversubscribed and were limited by the maximum amount the Company can currently place within its existing disapplication of pre-emption rights authority. \nIn addition, the Company has also raised £50,000 by way of a convertible loan note (the \"CLN\") with Austin Acquisitions 1 Limited that will convert automatically following the next annual general meeting (\"AGM\") of the Company (expected to be held on or before 30 June 2023) subject to the approval by shareholders at the AGM of a resolution to disapply pre-emption rights in respect of the shares to be issued on conversion of the CLN . The CLN was utilised to allow additional new investors to participate in the overall Fundraise, which the Board considered an important development in diversifying the Company's shareholder base and facilitating participation by new investors.\nThe Fundraise was conducted at a 10% discount to the mid-market closing price on 19 May 2023 and is within the existing authority to issue shares for cash on a non pre-emptive basis.\nThe proceeds of the Fundraise will be used to place orders for critical equipment required for the restart of mining operations at the Gravelotte Emerald Mine and for general wo...