Business
Placing of Shares, Convertible Facility and Ope...
Placing of Shares, Convertible Facility and Ope....
About this update from Serabi Gold Plc
[{"type":"text","content":"\n \n\n\n\nFor immediate release\n 10 November 2009\n Serabi Mining Plc\n (\"Serabi\" or the \"Company\")\n\n Placing of 139,867,833 new Ordinary Shares\n £300,000 Convertible facility\n Proposed open offer to raise £300,000\n\n\n\n\nHighlights\n\n\n * Placing and Convertible facility to raise in total £2.398\n million.\n\n\n\n * £300,000 open offer enables existing shareholders to participate\n on the same terms as the placing.\n\n\n\n * Funding will be used to undertake follow-up exploration around\n Palito.\n\n\n\n\nMike Hodgson, Chief Executive, commented:\n\n\"We are delighted to have completed this financing. The proceeds will\nbe used to enhance the Palito project by investigating and evaluating\na series of anomalies which have already been identified by the\nCompany. I am confident that these funds will enable the Company to\nmake further discoveries which will ultimately lead to an increase in\nits geological resource base through the investigation of the wider\npotential around Palito and provide shareholders with the potential\nfor future growth of the business after what has been a difficult\nyear.\n\n I am also pleased to welcome our new strategic investor Greenwood\nInvestments and Mr Christopher Kingsman and the Company is very\nappreciative of the support received from existing and new\ninstitutional investors. The open offer enables our smaller\nshareholders to participate in the Company's financing.\"\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 10 November 2009\n Serabi Mining Plc\n (\"Serabi\" or the \"Company\")\n\n Placing of 139,867,833 new Ordinary Shares\n £300,000 Convertible facility\n Proposed Open Offer to raise £300,000\n\n\n1. Introduction\nThe Board of Serabi is pleased to announce that the Company has today\nplaced 139,867,833 New Ordinary Shares at a price of 1.5 per Ordinary\nShare (the \"Placing Price\") to raise £2,098,017 (before expenses)\n(the \"Placing\"). In addition, the Company has arranged an unsecured\n£300,000 convertible loan facility (the \"Convertible\"), convertible\ninto up to 20,000,000 New Ordinary Shares at the P...