Business
Initiation of Open Offer & Notice of AGM
Initiation of Open Offer & Notice of AGM.
About this update from Metals Exploration Plc
[{"type":"text","content":"\n \nRNS Number : 4540E Metals Exploration PLC 10 May 2013 \n \n\n10 May 2013\n \nMETALS EXPLORATION PLC\n \nOPEN OFFER CIRCULAR POSTED TO SHAREHOLDERS\n \nNOTICE OF ANNUAL GENERAL MEETING\n \nAs previously announced on 26th March 2013, the Directors of Metals Exploration are pleased to initiate an Open Offer (the \"Open Offer\") to eligible shareholders to raise up to approximately €4.5 million via the issue of up to 55 million new ordinary shares of 1 pence each in the Company (the \"Open Offer Shares\") at a price of 7 pence per new ordinary share. Those shareholders that participated in the recent $57.7 million share placing have agreed to provide the Company with irrevocable undertakings not to take up their respective rights under the Open Offer. \n \nA circular is being posted to Shareholders shortly setting out in more detail the background to and reasons for the Open Offer and its terms. \n \n1 Introduction\nOn 26 March 2013, the Company announced that it had obtained commitments to raise approximately US$57.7 million (before expenses) via the issue of a total of 545,033,044 new Ordinary Shares at a price of 7 pence per new Ordinary Share, from certain existing shareholders. It was also announced that the Board wished to provide the Company's existing Shareholders with the opportunity to subscribe for additional Ordinary Shares at the same price as the Subscribers invested at under the Placing. Accordingly the Company is carrying out an Open Offer for a maximum raise of up to approximately £3.8million (equivalent to approximately €4.5 million) (before expenses).\nAs further set out below the Board believe the funds raised by way of the Open Offer are not critical to the construction of the Runruno Project and plans to fund the construction using the Placing proceeds and by agreeing debt arrangements with third party debt providers.\nThe purpose of this document is, amongst other things, to provide you with details of the Open Offer, to outline the background to and the reasons for the Open Offer.\nThe terms of the Open Offer are described in this document. Qualifying Shareholders may subscribe for Open Offer Shares above their basic entitlement under the Open Offer if they so wish by use of the Excess Application Facilit...