Business
Open Offer, Warrant Exercise, Director Resignation
Open Offer, Warrant Exercise, Director Resignation.
About this update from Nativo Resources Plc
[{"type":"text","content":"\n \nRNS Number : 3406Z Independent Resources PLC 14 March 2017 \n\n \nFOR IMMEDIATE RELEASE\nIndependent Resources plc\n(\"IRG\" or the \"Company\")\nOpen Offer, Warrant Exercise, Planned Resignation of Director and Total Voting Rights\nThe Company is pleased to announce that further to the announcement of 6 March 2017 it will shortly be posting to shareholders a circular setting out details of an Open Offer and Notice of General Meeting which will also be available on the Company's website.\nThe Company would draw attention to the expected timetable of principle events contained within that circular and reproduced below.\n1. Introduction\n \nOn 6 March 2017 the Company announced the re-shaping of the Board, the introduction of a cornerstone investor in the form of Greenberry plc, an associate of Continental Investment Partners, and the intention to launch an Open Offer and change the Company's name.\nIn order to allow all Qualifying Shareholders to subscribe for Ordinary Shares on the same terms as the Cornerstone Investor, the Company is making available 2,236,280,127 Open Offer Shares under the Open Offer at the Issue Price.\nQualifying Shareholders may subscribe for Open Offer Shares on the basis of 2 Open Offer Shares for every 3 Existing Ordinary Shares held on the Record Date. Shareholders subscribing for their full entitlement under the Open Offer may also request additional Open Offer Shares through the Excess Application Facility. Assuming full take-up under the Open Offer, the issue of the Open Offer Shares will raise gross proceeds of approximately £1.45 million for the Company.\nThe net proceeds of the Open Offer will be used to assist the Company to establish the initial platform from which to grow significantly, in terms of hydrocarbon, human and financial resources. \nThe Open Offer Shares to be issued pursuant to the Open Offer are to be admitted to trading on AIM at the time of Admission, which is expected to take place on Wednesday 19 April 2017.\nThe Open Offer is conditional, inter alia, on the passing of the Resolutions 1 & 2 by Shareholders at the General Meeting, notice of which will be set out in the Circular. If the Resolutions are passed, the Open Offer Shares will be allotted immediately after the Genera...