Business
Proposed Placing
Proposed Placing.
About this update from Ironveld Plc
[{"type":"text","content":"\n RNS Number : 2298T Mercury Recycling Group PLC 24 September 2010 \n \n\nMERCURY RECYCLING GROUP PLC\n \nProposed Placing\n \n \nMercury Recycling Group PLC ('the Company') today announces its intention to raise £175,000 (net of expenses) by way of a conditional placing to Westleigh Investments Holdings Limited (\"Westleigh\").\n \nHighlights\n \n\n\n\n\n·\n\n\nWestleigh will subscribe for 1,701,308 Ordinary Shares at a price of 10 pence each and 8,399,996 warrants each at a price of 0.25 pence\n\n\n\n\n·\n\n\nEach warrant entitles Westleigh to subscribe for an Ordinary Share at 10 pence once the Company's share price has averaged 15 pence for a period of at least 30 consecutive days\n\n\n\n\n·\n\n\nWestleigh to be become a strategic investor with a 29.9% shareholding (on a fully diluted basis and assuming all Warrants are exercised)\n\n\n\n\n·\n\n\nPlacing conditional upon receipt of necessary Shareholders approvals at a General Meeting to be held on 22 October 2010\n\n\n\n\n·\n\n\nProceeds to be used to explore growth opportunities\n\n\n\n\n·\n\n\nGiles Clarke and Nick Harrison of Westleigh to join the Company's board on completion of the Placing\n\n\n\n\n·\n\n\nInterim Results for the six months to 30 June 2010 announced separately today\n\n\n\n\n \nThe Rt Hon The Lord Barnett JP PC, Non-Executive Chairman, commented:\n \n\"The proposals we are announcing today represent an exciting opportunity to create value for Shareholders. I am confident Westleigh's two representatives on the Board, Giles Clarke and Nick Harrison, will help to transform the future of the Group. They have a successful track record, and are very well respected in the City. This, together with the strategy we are spelling out today, can only help to move the Group forward.\"\n \n\n\n\n\nEnquiries:\n\n\n\n\n\n\n\nMercury Recycling Group PLC\n\n\n0161 877 0977\n\n\n\n\nThe Rt Hon The Lord Barnett LP PC\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSmith & Williamson Corporate Finance Limited\n\n\n0117 376 2212\n\n\n\n\nNick Reeve (Nominated Adviser)\n\n\n\n\n\n\n\nBarrie Newton (Broker)\n\n\n\n\n\n\n\n \n \n\n\nPROPOSED PLACING OF 1,701,308 NEW ORDINARY SHARES,\nISSUE OF WARRANTS TO SUBSCRIBE FOR 8,399,966 NEW ORDINARY SHARES\nRELATED PARTY TRANSACTION\nAND\nNOTICE OF GENERAL MEETING\n \nIntroduction\n...