Business
Work on Site to Commence and Placing
Work on Site to Commence and Placing.
About this update from Oracle Power Plc
[{"type":"text","content":"\n \n\n 23/03/2009\n GB00B23JN426/GBP/PLUS-exn\n\n Oracle Coalfields PLC\n\n Work on Site to Commence\n\n Placing\n\nThe Board of Oracle Coalfields PLC (PLUS: ORCP) (\"Oracle\" or \"the Company\"), the UK developer of a\n1.4 billion tonne coal deposit in southern Pakistan, announces that following a Placing, work on\nthe Bankable Feasibility Study for the Company's Thar coalfield in the eastern Sindh province will\ncommence in April 2009. A number of studies will be carried out by leading international\nconsultancies.\n\nThe Company has placed 5,000,000 new ordinary shares (\"Ordinary Shares\") of 0.1p each (the\n\"Placing Shares\") at a price of 3p per share (the \"Placing\") with certain investors.\n\nThe Placing will raise gross proceeds of £150,000 to provide working capital for the business.\nApplication will be made to PLUS Markets for the new Ordinary Shares, which will rank pari passu\nwith the existing issued Ordinary Shares, to be admitted to trading on PLUS and it is expected\nthat the Placing Shares will be admitted on 6th April 2009.\n\nFollowing the completion of the placing there will be 119,046,334 ordinary shares in issue\n\nShahrukh Khan, Chairman commented:\n\n\"The monies raised allow us to instruct our consultants to commence the Bankable Feasibility\nStudy, including the environmental impact study\".\n\n\"Our licence in the Thar coalfield has a very large resource, 1.4 billion tonnes, that will\nprovide sufficient coal for power generation in Pakistan, in a country short of electrical power.\nIt is national policy to increase the percentage of electricity supplied from coal fired power\nstations and we are grateful for the support we have received from the Sindh Government in our\nventure to become a significant coal producing operation.\"\n\nThe Directors of the issuer accept responsibility for this announcement.\n\nENQUIRIES:\n\nOracle Coalfields PLC\nShahrukh Khan, Chairman\nTelephone: +44 (0) 1366500722\nEmail: [email protected]\n\nSt Helen's Capital plc\nBarry Hocken\nTelephone: 020 7628 5582\nEmail: [email protected]\n\nLothbury Financial\nMichael Padley\nTelephone: 020 7011 9411\[email protected]\n\nWEBSITE:\n\nwww.oraclecoalfields.com\n\nAbout Oracle:\n\nOracle Coalfields plc is a London-based resource exploration and development company with an 80\nper c...