Business
Replacement: Initiation of Open Offer
Replacement: Initiation of Open Offer.
About this update from Metals Exploration Plc
[{"type":"text","content":"\n \nRNS Number : 4790E Metals Exploration PLC 10 May 2013 \n \n\nMetals Exploration PLC wishes to correct the Open Offer announcement released today at 14.00 GMT under RNS number 4540E. \n \nThe date that the existing Ordinary Shares are being marked 'ex' by the London Stock Exchange is '13 May 2013' and not '10 May 2013' as stated in the original announcement. \n \nAll other details remain unchanged. The full amended text is shown below. \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 prov...