Business
Placing
Placing.
About this update from Iofina Plc
[{"type":"text","content":"\n \nRNS Number : 2252F Iofina PLC 20 April 2011 \n \n\n \n \n20 April 2011\n \n \n \nIofina plc\n (\"Iofina\" or \"the Company\")\n \nPLACING\nCash placing of 10,519,372 Shares to raise £2.84 million for Business Development and to Drive Expansion\n \nThe Board of Iofina (LSE AIM: IOF), the holding company of a group of companies involved in the exploration and production of iodine and natural gas, is pleased to announce today the completion of a placing (the \"Placing\") of 10,519,372 new ordinary shares of 1p each (the \"Placing Shares\") at a price of 27p per share (the \"Placing Price\") to raise £2.84 million (before expenses). The Placing Shares have been placed with existing institutional and other investors by Mirabaud Securities LLP, and represent, in aggregate, 10 per cent of the existing issued share capital of the Company, being the maximum allowable under the Company's existing authorities.\n \nThe Directors consider that the funds raised from the Placing will enhance the Group's ability to benefit from record iodine prices. The net proceeds will be used to meet Iofina's working capital requirements in relation to the optimization of its current rollout of the mid-stream third party iodine brine business, to secure additional sources of iodine for its chemical business, and to pursue several new potential business development opportunities. \n \nThe Placing is conditional, inter alia, on admission of the Placing Shares to trading on AIM (\"Admission\"). The Placing Shares will rank pari passu in all respects with the existing ordinary shares of the Company. Application will be made for Admission and it is expected that Admission will become effective and that dealings in the Placing Shares will commence at 8.00 a.m. on 27 April 2011. Following completion of the Placing, the Company will have 115,713,098 ordinary shares in issue. \n \nCommenting on today's Placing, Lance Baller, CEO and President of Iofina, commented: \n \n\"The Company is encouraged by the continued strong support from its current shareholders which resulted in an oversubscribed placing. It has been a highly encouraging start to the year and today's news follows the recent contract win and increasing iodine prices which are currently at record levels.&nb...