Business
Cash Box Placing
Cash Box Placing.
About this update from Oracle Power Plc
[{"type":"text","content":"\n \nRNS Number : 3704R Oracle Coalfields PLC 25 October 2013 \n \n\n25 October 2013\n \nOracle Coalfields PLC\n(\"Oracle\", the \"Company\" or the \"Group\")\n \n£0.9m Placing \n \n \nOracle Coalfields PLC (AIM:ORCP), the developer of a lignite mineral property located in the south-eastern desert of the Sindh Province, Pakistan, announces that it has, via a cash box placing, raised £804,516 (before expenses) in a placing of 44,695,333 new ordinary shares of 0.1 pence each, which includes the cash subscription of Mr Adrian Loader and Mr Simon Smith as per the table below, (\"Placing Shares\") at a placing price of 1.8 pence per share. Additionally Directors and Senior Managers have taken up 4,020,453 shares in lieu of cash remuneration of £72,368, making a total of £876,884. The Placing Shares will represent approximately 14.89 per cent. of the enlarged issued share capital of the Company. Oracle's broker, Peterhouse Corporate Finance, has placed these shares conditionally upon their admission to trading on AIM.\n \nOracle is also pleased to announce that Mr Simon Smith has been appointed as Finance Manager replacing the interim Finance Manager Tony Everitt. Simon has a background in finance resulting from a twenty-five year career in Shell during which he held a variety of overseas posts. Simon is a Chartered Accountant. Tony Everitt remains as Company Secretary.\n \nUse of Funds \nThe funds raised will provide the Company with working capital in connection with the recently announced Joint Development Agreement for its mine development and power plant construction project with the Chinese State Owned Enterprise, CAMCE and affiliates, as well as to advance preparatory work covering the creation of efficient corporate and taxation structures for these operations and attendant statutory and other legal requirements. \n \nShahrukh Khan, CEO of Oracle commented, \"This fund raising will allow the Company to complete the final steps on the main project development including corporate and tax structures. It will also enable the Company to work towards financial closure in 2014\". \n \n \nDirectors' subscription for the Company's shares and Related Party Transaction\n \nDirectors and senior managers are also subscribing ...