Business
Subscription for Ordinary Shares and Equity Swap
Subscription for Ordinary Shares and Equity Swap.
About this update from Tertiary Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 4949F Tertiary Minerals PLC 24 May 2013 \n \n\n \nwww.tertiaryminerals.com\n \n24 May 2013\n \nSubscription for Ordinary Shares and Equity Swap \n \nTertiary Minerals plc (\"the Company\"), the AIM traded company building a strategic position in the fluorspar sector, is pleased to announce that it has entered into a Subscription Agreement and, separately, an Equity Swap Agreement with YA Global Master SPV, Ltd. (\"YAGM\").\nHighlights\n· YAGM has subscribed for a total of 23,636,364 new ordinary shares in the Company at a price of 5.5p per share and therefore for £1.3 million in aggregate\n· Separately the Company and YAGM have entered into an equity swap agreement over 11,818,176 of the Subscription Shares\n· YAGM has agreed restrictions on the volume of ordinary shares in the Company that it can trade from time to time\nCommenting today, Executive Chairman Patrick Cheetham said\"This structured fundraising provides the Company with and immediate and significant injection of capital that will allow the Company to continue with the development of its key fluorspar projects, namely the Preliminary Feasibility Study (PFS) and environmental base-line sampling at Storuman in Sweden and the recently announced drilling programme at the MB Fluorspar Project in Nevada. At the same time, the amount that we ultimately receive from YAGM under the Equity Swap Agreement will be geared to the share price over the next twelve months rather than the current market price\". \nSubscription Agreement\nYAGM has subscribed for a total of 23,636,364 new ordinary shares in the Company (\"the Subscription Shares\") at a price of 5.5p per share (\"the Subscription Price\") and therefore for £1.3 million in aggregate.\nThe Company agreed that a subscription fee would be payable to YAGM of £130,000, which the Company has elected to satisfy by the issue of a further 2,363,636 new ordinary shares in the Company (\"the Fee Shares\").\nCompletion of the Subscription Agreement is conditional on admission of the Subscription Shares and the Fee Shares to trading on AIM of the London Stock Exchange. Application will be made for the admission of the Subscription Shares and the Fee Shares (being 26,000,000 new ordinary shares in aggregate) to trading ...