Business
?2.25m Placing and Notice of General Meeting
?2.25m Placing and Notice of General Meeting.
About this update from Primorus Investments Plc
[{"type":"text","content":"\n \nRNS Number : 6540R Stellar Resources PLC 29 October 2013 \n \n\n29 October 2013 \nStellar Resources Plc\n \n(\"Stellar Resources\" or the \"Company\")\n \n£2.25 million Placing and Notice of General Meeting\n \nThe Board of Stellar Resources announces a placing to raise £2.25 million before expenses at 0.4 pence per share (\"the Placing\"), consisting of a firm placing to raise £800,000 and a conditional placing to raise £1.45 million, subject to shareholder approval.\nDavid Lenigas, the Company's Chairman, stated:\n\"The Company requires funding to grow and this £2.25 million will allow the board to pursue further investment opportunities in the resources sector under the Company's stated investment policy.\"\nPlacings\nThe Company has raised £800,000, before expenses, by way of a placing (the \"Firm Placing\") of 200 million new ordinary shares of 0.01 pence each (the \"Firm Placing Shares\") at 0.4 pence per share. The Firm Placing Shares have been unconditionally placed subject only to admission to trading on AIM (the \"Firm Placing Admission\"). Application has been made for the Firm Placing Admission and it is expected that dealings in the Firm Placing Shares will commence at 8.00 a.m. on 4 November 2013. \nThe Firm Placing Shares will represent approximately 68.4% of the Company's enlarged issued share capital, and the total number of shares in issue following completion of the Firm Placing will be 292,230,985.\nIn addition to the Firm Placing, the Company has raised a further £1.45 million, before expenses, by way of a placing (the \"Conditional Placing\") of 362.5 million new ordinary shares of 0.01 pence each (the \"Conditional Placing Shares\") at 0.4 pence per share. The Conditional Placing is subject to shareholder approval.\nThe Conditional Placing Shares, when issued, will represent approximately 55.4% of the Company's enlarged issued share capital, and the total number of shares in issue following completion of the Conditional Placing will be 654,730,985. Application will be made for the admission of the Conditional Placing Shares to trading on AIM and it is expected that dealings in the Conditional Placing Shares will commence at 8.00 a.m. on 15 November 2013.\nThe Firm Placing Shares and the Conditional Placing Shares will together represen...