Business
Subscriptions to raise £210,000 gross
Subscriptions to raise £210,000 gross.
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n \nRNS Number : 6170R Sula Iron & Gold PLC 10 March 2016 \n\nSula Iron & Gold plc / Index: AIM / Epic: SULA / Sector: Natural Resources\n10 March 2016\nSula Iron & Gold plc\n(\"Sula\" or the \"Company\")\nSubscriptions to raise £210,000 gross and \nDirectors' Dealings \n \nSula (AIM: Sula), a multi-commodity exploration company focused on Sierra Leone, announces that it has conditionally raised £190,000 (before expenses) from Jub Capital Limited (\"Jub Capital\"), by way of a conditional subscription by Jub Capital for 118,750,000 new ordinary shares (the \"Subscription Shares\") of 0.1p each in the capital of the Company (\"Ordinary Shares\") at a price of 0.16p per Subscription Share (the \"Subscription Price\"), (the \"Subscription\"). Jub Capital is an existing institutional investor and was a cornerstone investor in the Company's fundraising in October 2015. \nIn addition to the Subscription Shares, 65,312,500 warrants will also be granted to, inter alia, Jub Capital for the right to subscribe for one further new Ordinary Share at a price of 0.16p per share during an exercise period commencing on the date of issue of the warrants and ending eighteen months after admission to trading on AIM (\"Admission\") of the Subscription Shares (the \"Warrants\"). The Warrants will not be issued until after the annual general meeting of the Company scheduled to be held on 30 March 2016, subject to the share capital authorities to be sought thereat, as set out in the formal notice of annual general meeting dated 7 March 2016, being approved by the Company's shareholders. \nIn addition, further to its announcement of 24 February 2016, the Company has conditionally raised an additional £20,000 gross by way of subscriptions by certain of its Directors and a director of the Company's subsidiary, for a further 12,500,000 new Ordinary Shares (the \"Director Subscription Shares\") at the Subscription Price (the \"Director Subscriptions\"). No warrants will be issued in connection with the Director Subscriptions. \nPursuant to the Director Subscriptions, Nicholas Warrell and Howard Baker, being directors of the Company, have undertaken to subscribe £10,000 and £5,000 respectively for 6,250,000 and 3,125,000 new Ordinary Shares respectively at the Subscription Price. Each Director's participation in the ...