Business
Proposed subscription to raise £1.76 million
Proposed subscription to raise £1.76 million.
About this update from Reabold Resources Plc
[{"type":"text","content":"\n \nRNS Number : 4687S Reabold Resources PLC 02 October 2017 \n\nTHIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.\n \n \n\n\n\n\nFor immediate release\n\n\n2 October 2017\n\n\n\n\nReabold Resources plc (\"Reabold\" or the \"Company\")\nProposed subscription to raise a total of £1.76 million\nDirectors' Dealings\nTotal voting rights\n \nReabold, the AIM listed investment company operating in the natural resources sector, is pleased to announce a proposed subscriptionof a total of 352,000,000 new ordinary shares of 0.1 pence each (the \"Ordinary Shares\") in the capital of the Company (the \"SubscriptionShares\") at a price of 0.5 pence per Subscription Share (the \"Subscription Price\"). The proposed subscription will raise, in aggregate, £1.76 million (before expenses) (the \"Subscription\"). The Subscription has been arranged by the Company and Turner Pope Investments (TPI) Limited as its agent, and the proceeds will allow the Company to pursue further investment opportunities in accordance with its investing policy.\nThe placing and issue of shares announced on 20 September 2017 (the \"Placing\") utilised nearly all of the Directors' current authorities to issue new ordinary shares free of pre-emption rights. Accordingly, on 22 September 2017 the Company announced that it was posting a notice to shareholders of the Company (\"Shareholders\") convening a general meeting (the \"GM\") on 12 October 2017 to consider increasing the authority of the Directors. The Subscription, therefore, is conditional on Shareholder approval being given at the GM.\nSaltwind Enterprises Limited (\"Saltwind\"), a company of which Jeremy Edelman, Director, is a director and shareholder, and which owns 11.3% of the Company's issued share capital has subscribed £50,000 for 10,000,000 new Ordinary Shares under the Subscription. Accordingly, this subscription is a related party transaction under the AIM Rules. Anthony Samaha, the Director independent of the transaction, considers, having consulted with t...