Business
Update on Placing and Issue of further Ordinary...
Update on Placing and Issue of further Ordinary....
About this update from Serabi Gold Plc
[{"type":"text","content":"\n \n\n\n\n 10 November 2009\n Serabi Mining Plc\n (\"Serabi\" or the \"Company\")\n Update on Placing\n Issue of further Ordinary Shares\n Application to AIM for trading\n\nEarlier today the Board of Serabi announced that the Company had\nplaced 139,867,833 New Ordinary Shares (the \"Placing Shares\") at a\nprice of 1.5 pence per Ordinary Share (the \"Placing Price\"). In\naddition, the Company issued 5,054,551 New Ordinary Shares to certain\nsuppliers and consultants in satisfaction of outstanding liabilities\nof £77,503 (the \"Consultant Shares\") and the Company announced its\nintention to issue further New 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\nThe Board has therefore today allotted 6,394,467 new Ordinary Shares\nto the Directors (the \"Director Shares\") at price of 1.5 pence per\nOrdinary Share, representing in aggregate 4.56% per cent. of the\nexisting issued share capital, which will rank pari passu with the\nexisting Ordinary Shares, further details of which are set out below:\n\n\nDirector New Ordinary Shares Existing Enlarged Percentage\n issued in settlement holding of holding of interest in\n of remuneration and Ordinary Ordinary Enlarged\n benefits Shares Shares Issued\n Ordinary\n Share Capital\nBill 1,250,000 37,828,617 39,078,617 13.20%\nClough\nMike 1,600,000 90,000 1,690,000 0.57%\nHodgson\nClive Line 1,600,000 343,333 1,943,333 0.66%\nGraham 1,944,467 845,834 2,780,301 0.94%\nRoberts\n\n\nIn addition, to meet additional market demand pursuant to the\nPlacing, the Company has issued a further 4,666,667 New Ordinary\nShares (the \"Additional Placing Shares\") at the Placing Price to\nraise a further £70,000 (before expenses).\n\nApplication is being made today for the Placing Shares, the\nAdditional Placing Shares, the Consultant Shares and the Director\nShares (all of which will rank pari passu with the existing Ordinary\nShares) to be admitted to trading on AIM which is expected to\ncommence on 16 November 2009, following which there will be\n296,122,583 Ordinary Shares in issue (the \"Enlarged Share Capital\").\n\nEnquiries:\n\nSerabi Mining plc\nClive Line, Finance Director Tel: 020 7246 6830 Mobile: 07710 151 692\nWebsite: www.serabimining.com\n\nBeau...