Business
Placing to Raise £290,000 Gross
Placing to Raise £290,000 Gross.
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n \nRNS Number : 0527Q Sula Iron & Gold PLC 24 February 2016 \n\n24 February 2016\nSula Iron & Gold plc\n(\"Sula\" or the \"Company\")\nPlacing to Raise £290,000 Gross\nSula Iron & Gold plc, a multi-commodity exploration company focused on Sierra Leone, announces that it has conditionally raised £290,000 (before expenses), through a placing of 181,250,000 new ordinary shares of 0.1p each in the Company (the \"Placing Shares\") at a price of 0.16p per Placing Share (the \"Placing Price\"), (the \"Placing\"). In addition to the Placing Shares, 90,625,000 warrants will also be granted to placees for the right to subscribe for one further new Ordinary Share at a price of 0.16p per share for an exercise period of one year from admission to trading on AIM of the Placing Shares (\"Admission\") (the \"Warrants\").\nThe net proceeds of the Placing will be used to advance the Company's Ferensola Gold Project in northern Sierra Leone.\nDetails of the Placing\nThe Placing Shares will, when issued, rank pari passu in all respects with the existing ordinary shares of 0.1p each in the Company (\"Ordinary Shares\"). The Placing Shares will represent approximately 23.5 per cent. of the Company's enlarged issued share capital and completion of the Placing is conditional on, inter alia, Admission. The closing mid-market price of the Company's Ordinary Shares on 23 February 2016 (being the latest practicable business day prior to the date of this announcement) was 0.235p per Ordinary Share.\nApplication will be made to the London Stock Exchange plc for Admission and it is expected that Admission will become effective and that dealings in the Placing Shares will commence at 8.00 a.m. on 1 March 2016.\nFollowing the issue and allotment of the Placing Shares, the Company's enlarged issued ordinary share capital will comprise 771,431,924 Ordinary Shares. The Company does not hold any Ordinary Shares in treasury. This figure of 771,431,924 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.\nThe Company is currently in a close period pursuant to the AIM Rules for Companie...