Business
Miscellaneous high priority annnouncements
Miscellaneous high priority annnouncements.
About this update from Oracle Power Plc
[{"type":"text","content":"\n \n\n 14 April 2011\n GB00B23JN426/GBP/PLUS-exn\n\n Oracle Coalfields plc\n\n (\"Oracle Coalfields\" or the \"Company\")\n\n Admission to AIM\n\nOracle Coalfields plc (ORCP), the UK developer of an estimated 1.4 billion tonne coal resource in the south-\neastern desert of Sindh Province, Pakistan, announces that it has applied today for the Company's ordinary\nshares to be admitted to trading on the AIM of the London Stock Exchange (\"Admission\") following its\nsuccessful fundraising of £3 million (pre-expenses) via a placing of new ordinary shares (the \"Placing\").\n\nLibertas Capital Corporate Finance Limited (\"Libertas\") is the Nominated Adviser and broker to the Company.\nIn addition, Novus Capital Markets Limited (\"Novus\") acted as broker for the Placing.\n\nAdmission is expected to commence on or around 08:00 GMT on 20 April 2011. The Company will de-list from\nPLUS at the close of business on 19 April 2011.\n\nShahrukh Khan, Chairman of Oracle Coalfields commented:\n\n\"We are very pleased to announce the completion of a successful placing, raising £3 million and further\nbroadening our shareholder base. The funds raised will be used for working capital and to complete our\nplanned work programme for the Bankable Feasibility Study. It was always our intention to list on AIM and\nwe are delighted by the strong support of our existing and new shareholders which led to us being\nsignificantly oversubscribed. We look forward to updating the market on future developments at Block VI of\nthe Thar Coalfields and our imminent AIM listing.\"\n\nHighlights of the Placing\n\n* Libertas and Novus have conditionally placed 30,000,000 new ordinary shares at 10 pence per\n share (\"Placing Shares\"), raising approximately £3 million of new funds (before expenses) and\n valuing Oracle at £21.4 million at the Placing Price.\n\n* The Directors intend to utilise the net proceeds of the Placing to provide general working\n capital to support the growth and development of the Group's business and to complete its\n planned work programme for the Bankable Feasibility Study in connection with Block VI of the\n Thar Coalfields in Pakistan.\n\n* The Placing Shares have been placed with a broad base of institutional investors following a\n roadshow across the UK.\n\n* The Placing was well oversubscribed with high quality demand at the Placi...