Business
£1,041,690 fundraising completed
£1,041,690 fundraising completed.
About this update from Oracle Power Plc
[{"type":"text","content":"\n \n\n GB00B23JN426/GBP/PLUS-exn\n 28 June 2010\n\n Oracle Coalfields Plc\n (\"Oracle\" or the \"Company\")\n\n £1,041,690 fundraising completed\n\n Funds allow additional working capital for completion of the Bankable Feasibility Study\n\nThe Board of Oracle Coalfields PLC (PLUS: ORCP), the UK developer of a 1.4 billion tonne coal deposit in\nsouthern Pakistan, is pleased to announce that the Company has successfully raised £1,041,690 via a placing\nof 34,722,999 new ordinary shares of 1p each in the Company (\"Placing Shares\") at a placing price of 3p per\nordinary share (the \"Placing\").\n\nThe net proceeds of approximately £1.0 million from the Placing will provide additional working capital for\nthe business to complete the Bankable Feasibility Study (BFS) on its flagship project in Block VI of the\nThar coalfield in the eastern Sindh province, Pakistan. Block VI is host to a JORC resource of 1.4 billion\ntonnes of lignite coal including 371 million tonnes in the proven reserve category.\n\nThe Placing was coordinated by Libertas Capital Corporate Finance Limited who have agreed to take most of\ntheir fee in the form of a £50,000 loan note and the issue of 5,833,333 new ordinary shares, representing\n3.58 per cent of the Company's issued share capital as enlarged by the Placing. The loan note is interest\nfree and repayable on the earlier of a liquidity event or 12 months.\n\nThe Shares were placed with both new and existing institutional and private investors. The Placing is\nconditional on admission of the Placing Shares to trading on PLUS. It is expected that Admission will\nbecome effective and that dealings in the Placing Shares will commence at 8.00 a.m. on 29 June 2010.\n\nThe Placing Shares will represent approximately 21.31% of the enlarged issued share capital of the Company.\nThe Placing Shares will be fully paid and will rank pari passu in all respects with the existing ordinary\nshares of 1p each in the Company. The total number of ordinary shares in issue following completion of the\nPlacing will be 162,916,000, of which the Directors are interested in 29,638,291 shares which represent\n18.19% of the issued share capital.\n\nThe above figure of 162,916,000 ordinary shares may be used by shareholders in the Company as the\ndenominator for the calculations by which they will determine if they are required to ...