Business
Subscription to raise £0.4 million
Subscription to raise £0.4 million.
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n \nRNS Number : 2473I Sula Iron & Gold PLC 15 June 2017 \n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A BREACH OF THE RELEVANT SECURITIES LAWS OF SUCH JURISDICTION.\nThis announcement does not constitute a prospectus or offering memorandum or an offer in respect of any securities and is not intended to provide the basis for any investment decision in respect of Sula Iron & Gold Plc or other evaluation of any securities of Sula Iron & Gold Plc or any other entity and should not be considered as a recommendation that any investor should subscribe for or purchase any such securities.\n15 June 2017\nSULA IRON & GOLD PLC\n(\"Sula\" or the \"Company\")\nSubscription to raise £0.4 million\n \nSula (AIM: SULA), the gold exploration company focused on Sierra Leone, is pleased to announce that it has conditionally raised £0.4 million from a subscription for 160,000,000 new ordinary shares of 0.1p each in the Company (\"Ordinary Shares\") (the \"Subscription Shares\") at an issue price of 0.25p per share (the \"Subscription Price\") through a direct subscription with a targeted small number of new investors, (together the \"Subscription\").\nThe Subscription Price represents a discount of approximately 6.7 per cent. to the Company's closing middle market share price of 0.268p on 14 June 2017.\nThe Subscription has been undertaken to a targeted small number of new investors who want to support the growth of the Company as it continues to de-risk and develop the Ferensola Project.\nIn addition to the Subscription Shares, 160,000,000 warrants will also be granted to the subscribers on a one-for-one basis providing the subscribers with a right to subscribe for one further new Ordinary Share at a price of 0.35p per Ordinary Share during an exercise period commencing on the date of Admission of the Subscription Shares to trading on the AIM Market of the London Stock Exchange (\"AIM\") and ending thirty-six months thereafter (the \"Warrants\").\nUse of Proceeds\nThe net proceeds of the Placing will primarily be used:\n· to complete the current diamond drilling programme at Sula's Ferensola gold project both at Sanama Hill, which already hosts a JOR...