Business
Announcement of Open Offer
Announcement of Open Offer.
About this update from Serabi Gold Plc
[{"type":"text","content":"\n \n\n\n\nFor immediate release\n 17 November 2009\n Serabi Mining Plc\n (\"Serabi\" or the \"Company\")\n\n Open Offer of up to 21,151,613 Ordinary Shares\n at\n 1.5 pence per Ordinary Share\n on the basis of\n 1 Offer Share for every existing 14 Ordinary Shares\n\n\n\nHighlights\n\n\n * Open Offer of up to 21,151,613 Ordinary Shares at 1.5p per\n Ordinary Share.\n\n\n\n * Open Offer will raise up to £317,274 (before expenses) - the Open\n Offer is not underwritten.\n\n\n\n * Funding will be used to undertake follow-up exploration around\n Palito.\n\n\n OPEN OFFER STATISTICS*\n\nOpen Offer Price per Offer Share 1.5 pence\nNumber of Existing Ordinary Shares 296,122,583\nNumber of Offer Shares to be issued pursuant to the 21,151,613\nOpen Offer\nProceeds of the Open Offer (before expenses) £317,274\nEnlarged Ordinary Shares in issue at Admission 317,274,196\nPercentage of the Enlarged Share Capital represented by 6.7 per cent.\nthe Offer Shares\n\n\n* Assuming full take up of entitlements under the Open Offer.\n\n\nMike Hodgson, Chief Executive, commented:\n\n\"We are delighted to have completed the placing announced last week\nand the Open Offer will enable our smaller shareholders to\nparticipate in the Company's financing at the placing price.\"\n\n\nEnquiries:\n\nSerabi Mining plc\nClive Line, Finance Director Tel: 020 7246 6830 Mobile: 07710 151 692\nWebsite: www.serabimining.com\n\nBeaumont Cornish Limited (Nominated Adviser)\nRoland Cornish / Michael Cornish Tel: 020 7628 3396\n\n\nFarm Street Communications\nSimon Robinson Tel: 07593 340 107\n\n 17 November 2009\n Serabi Mining Plc\n (\"Serabi\" or the \"Company\")\n\n Open Offer of up to 21,151,613 Ordinary Shares\n at\n 1.5 pence per Ordinary Share\n on the basis of\n 1 Offer Share for every existing 14 Ordinary Shares\n\n\n1. Introduction\n\nOn 10 November 2009 the Board of Serabi announced that the Company\nhad placed in aggregate 144,534,500 Ordinary Shares at a price of 1.5\npence per Ordinary Share to raise £2,168,017 (before expenses) to\nfund the Company's next stage of exploration at the Palito mine. The\nPlacing was completed on 16 November 2009.\n\nIn addition, the Company issued 5,054,551 Ordinary Shares to certain\nsuppliers and consultants in satisfaction of outstanding liabilities\nof £77,503 and 6,394,467 Ordinary Shares to the Directors in\nsettlement o...