Business
Raises £1 million Investment from Regency Mine...
Raises £1 million Investment from Regency Mine....
About this update from Oracle Power Plc
[{"type":"text","content":"\n \n\n12 November 2010\n\n GB00B23JN426/GBP/PLUS-exn\n\n Oracle Coalfields PLC\n (\"Oracle\" or the \"Company\")\n\n Raises £1 million through Subscription\n\nThe Board of Oracle Coalfields PLC (PLUS:ORCP), the UK developer of a 1.4 billion tonne JORC\nMeasured coal resource in the south-eastern desert of Sindh Province, Pakistan, is pleased to\nannounce that it has entered into an agreement whereby Regency Mines PLC (AIM:RGM), a mining\nexploration and mineral investment company with interests in Australia and Papua New Guinea, has\nsubscribed for 18,500,00 new Oracle shares at a price of 5.5 pence per share to raise £1,017,500\n(the \"Subscription\").\n\nFollowing the Subscription, which is expected to settle on 24 November 2010, Regency Mines PLC\nwill hold approximately 10.04 per cent of the enlarged issued share capital of the Company. The\nPlacing Shares will be fully paid and will rank pari passu in all respects with the existing\nordinary shares of 1 pence each in the Company. The total number of ordinary shares in issue\nfollowing the completion of the Placing will be 184,211,000, of which the Directors are interested\nin 29,638,291 shares which represent 16.09 per cent of the issued share capital.\n\nIt is the announced intention of Oracle to seek admission to trading on AIM in the first half of\n2011. In consideration of the Subscription, Regency Mines PLC will be given the right, but will\nhave no obligation, to subscribe, at the time of admission to trading on AIM or another recognised\nmarket (\"Listing\"), for up to such number of Oracle Shares as, when aggregated with the New Oracle\nShares, will constitute 20 per cent. of the issued share capital of Oracle following Listing (the\n\"Subscription Right\"). The Subscription Right will be exercisable at the price at which Oracle\noffers stock for subscription by third parties at Listing.\n\nShahrukh Khan, Chairman of Oracle Coalfields commented:\n\n\"We're delighted that Regency Mines has recognised the growth potential of Oracle Coalfields and\ndecided to make an early investment in the Company. Regency expects to add to its shareholding\nfollowing the subscription, which is encouraging and we welcome their long term support. We have\nrecently announced the extension of our exploration licence and are proceeding towards the\nBankable Feasibility Study as planned.\...