Business
Result of the Open Offer
Result of the Open Offer.
About this update from Serabi Gold Plc
[{"type":"text","content":"\n \n\n\n\n Serabi Mining Plc\n (\"Serabi\" or the \"Company\")\n Result of the Open Offer\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. The Company also\nannounced that it had arranged an unsecured £300,000 convertible loan\nfacility (the \"Convertible\"), convertible into up to 20,000,000 New\nOrdinary Shares at the Placing Price (excluding accrued interest).\n In 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 of accrued but unpaid remuneration and benefits under the\nterms of their existing service contracts amounting to £95,917 at the\nPlacing Price.\n\nAs the Board considers it important that, where reasonably\npracticable, Shareholders have an opportunity to participate in any\nfundraising at the same price, on 17 November 2009 it was announced\nthat the Board of Serabi proposed to raise up to £317,274 (before\nexpenses) by way of the Open Offer to be made to Eligible\nShareholders of up to 21,151,613 New Ordinary Shares at a price of\n1.5 pence per Offer Share. The Circular was sent to Shareholders on\n17 November 2009.\n\nThe Open Offer closed at 3.00p.m. on 2 December 2009. Under the Open\nOffer, valid applications were received from Eligible Shareholders in\nrespect of their Open Offer Entitlements for, in\naggregate, 12,505,455 Offer Shares, representing approximately 59.12\nper cent. of the 21,151,613 Offer Shares offered pursuant to the Open\nOffer. As a consequence, 8,646,158 Offer Shares were\navailable pursuant to the Excess Application Facility. Valid\napplications pursuant to the Excess Application Facility were\nreceived in respect of 35,022,756 Excess Shares, representing\napproximately 405 per cent. of the Excess Shares\navailable. Accordingly, applications for Excess Shares under the\nExcess Application Facility have been scaled back as described in the\nCircular, at the discretion of the Directors in favour of smaller\napplicants. In aggregate, 21,151,613 New Ordinary Shares ...