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Premier Gold raises ?260,000 to support field work
Premier Gold raises ?260,000 to support field work.
About this update from Prospex Energy Plc
[{"type":"text","content":"\n \nRNS Number : 4509V Premier Gold Resources PLC 13 December 2013 \n\nEmbargoed: 0700hrs, 13 December 2013\n \nPremier Gold Resources plc\n(\"Premier Gold\" or the \"Company\")\n \nPremier Gold raises £260,000 to support 2014 field work\n \nPremier Gold (AIM: PGR), the Central Asia-focused gold exploration and development company, is pleased to announce that it has raised gross funds of £260,000 by way of a subscription (the \"Subscription\") with an existing institutional shareholder for a total of 200,000,000 new ordinary shares of 0.1 pence each (\"Ordinary Shares\") at a price of 0.13 pence per share (the \"Subscription Shares\"). \n \nUse of Proceeds\n \nIt is Premier Gold's intention that field work will recommence at the Cholokkaindy prospect as early as weather permits in 2014 (spring) and subject to the re-establishment of an uninhibited working environment (pursuant to the Company's announcement of 4 October 2013). Premier Gold believes that the additional funds provided through the Subscription, together with existing cash reserves and funds already due to the Company, will allow it to undertake sufficient drilling on certain prospects to enable the Company to greatly advance an initial independent assessment of the gold resource at Cholokkaindy.\n \nThe Company's geological team, led by Garth Earls, will continue throughout the winter to refine geological data obtained from surface work to date in order to prioritise drilling targets for the forthcoming field season. Further details of the drilling targets and wider exploration objectives for the 2014 field season (expected to include additional surface work) will be provided in advance of the commencement of field operations. \n \nDetails of the Subscription\n \nLanstead Capital L.P. (\"Lanstead\"), an institutional investor and existing shareholder of the Company, has subscribed for the Subscription Shares for an aggregate consideration of £260,000. In addition, the Company has entered into an Equity Swap Agreement with Lanstead which allows the Company to retain much of the economic interest in the Subscription Shares.\n \nThe Equity Swap Agreement provides that the Company's economic interest will be determined and payable in twenty-four monthly settlement tranches as measured against a benchmark price of...