Business
Issue of Equity, Appointment of Joint Broker & AGM
Issue of Equity, Appointment of Joint Broker & AGM.
About this update from Strategic Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 5203P Strategic Minerals PLC 08 June 2015 \n\n8 June 2014\nStrategic Minerals plc\n(\"Strategic Minerals\" or the \"Company\")\n \nIssue of Equity, Appointment of Joint Broker, Annual General Meeting \nand Total Voting Rights\n \nIssue of equity\n \nStrategic Minerals Plc (AIM: SML; USOTC: SMCDY), the diversified mineral development and production company, is pleased to announce that it has conditionally raised £1,000,000 before expenses through the placing of 166,666,667 ordinary shares of 0.1p each (the \"Placing Shares\") at an issue price of 0.6p per Placing Share (the \"Placing Price\"). The Placing has been arranged by Cornhill Capital Limited (\"Cornhill\"). The net proceeds of the Placing, which are expected to be £950,000, will be used primarily for the acquisition and development of the Tatu coal mine project. \n \nThe Placing Shares will be issued in two tranches as follows:\n \n- £492,000 has been raised by the placing of 82,000,000 Placing Shares (the \"Tranche 1 Shares\"). The Tranche 1 Shares have been issued within the Company's existing share authorities. Application will be made for the Tranche 1 Shares to be admitted to trading on AIM, which is expected to occur on or around 12 June 2015 (\"Admission\"). On their admission to trading on AIM, the Tranche 1 Shares will represent approximately 10.2 per cent. of the issued ordinary share capital of the Company, as enlarged by the issue of the Tranche 1 Shares.\n \n- £508,000 has been conditionally raised by the placing of 84,666,667 Placing Shares (the \"Tranche 2 Shares\"), subject to the directors being authorised by shareholders to allot and disapply pre-emption rights in relation to the Tranche 2 Shares at the Company's annual general meeting (\"AGM\"), further details of which are set out below. Application will be made for the Tranche 2 Shares to be admitted to trading on AIM, which is expected to occur on or around 3 July 2015. On their admission to trading on AIM, the Tranche 2 Shares will represent approximately 9.5 per cent. of the issued ordinary share capital of the Company, as enlarged by the issue of the Tranche 1 and Tranche 2 Shares, with the Tranche 1 Shares then representing approximately 9.2 per cen...