Business
Equity Investment and Strategic Target Expansion
Equity Investment and Strategic Target Expansion.
About this update from Savannah Resources Plc
[{"type":"text","content":"\n \nRNS Number : 7725J African Mining & Exploration PLC 22 July 2013 \n \n\n \n \n \n \n \nAfrican Mining and Exploration Plc ('AME' or 'the Company')\n \nEquity Investment of £500,000 and Strategic Target Expansion\n \nAfrican Mining and Exploration plc, the listed (AIM: AME) minerals exploration and development company, is pleased to announce a capital raising of up to £500,000 in AME by the recently appointed Director, David Archer to take advantage of opportunities made available as a result of the current investment climate.\n \nHighlights:\n· Recently appointed Director will make an equity investment of up to £500,000 in the Company\n· Increased emphasis on acquisition of projects with diversified mineral and geographical focus\n· Continued focus on cash management\n· Appointment of Technical Project Leader\n \nAME CEO, Mark Jones said: \"David was identified and appointed as a Director of AME because of his extensive knowledge of the resources industry which augmented an already experienced Board. This investment by David and the appointment of a Technical Project Leader are the first steps in what we expect to become a transformational process as AME seeks to place itself in a strong position to benefit from opportunities resulting from the current investment climates prevalent in both the juniors and majors.\"\n \n£500,000 Equity Investment\n \nThe Company has entered into a share subscription agreement with David Archer, a Company Director, who will be issued with 16,666,668 new ordinary shares in the Company, at a price of £0.0225, for a consideration of £375,000.03. In line with the agreement these new ordinary shares will be issued on receipt of payment later this week. This represents approximately 16.5% of the Company's expanded share capital.\n \nAdditionally, subject to shareholder approval, he will make a further investment of £125,000 for 5,555,556 new ordinary shares in the Company, at a price of £0.0225. The shareholder approval required to change the share allotment authorities will be sought at an EGM in due course.\n \nAs part of the subscription agreement David Archer will also be issued with 1 warrant per share subscribed to, up to 11,111,112 warrants with a...