Business
Placing and Appointment of Di
Placing and Appointment of Di.
About this update from Tooru Plc
[{"type":"text","content":"\n RNS Number : 8824C Viridas PLC 23 November 2009 \n \n\n\n\nVIRIDAS PLC\nPlacing Raising £850,000 and Appointment of Directors\n\nViridas PLC (\"Viridas\"), a company planning to plant 120 square miles of the dedicated energy crop, jatropha, in Brazil to produce EU compliant sustainable Crude Jatropha Oil (\"CJO\") is pleased to announce that it has placed 8,500,000 new ordinary shares of 10 pence each (\"New Ordinary Shares\"), with warrants, conditional only upon Admission to AIM, at 10 pence per New Ordinary Share (the \"Placing Price\") raising £850,000 gross (\"The Placing\"). \n \n Placing Highlights\n\n\nThe issue price compares with a middle market price of 10 pence per Ordinary Share at the close of business on 20th November 2009.\n\n\n\n\nThe New Ordinary Shares will represent 25.86% per cent of the enlarged issued share capital of Viridas.\n\n\n\n\nPlacees will receive Warrants to subscribe, during a period of between two and five years from the closing, for further New Ordinary Shares at 10p each on the basis of one further New Ordinary Share for every four New Ordinary Shares subscribed for in the Placing, representing up to 2,125,000 further New Ordinary Shares. No application will made for the Warrants to be traded on AIM.\n\n\n\n\nThe New Ordinary Shares are expected to be admitted to trading on AIM on 24th November 2009.\n\n\n\n \n \n\nUse of Funds\n\n The Placing forms part of a planned series of fund raisings, and the funds will \n primarily be used to establish a new administrative organisation in Salvador, Brazil, \n and to acquire and plant up to 250 Hectares of base farm, in the state of Bahia, \n Brazil.\n\nThe objectives of the base farm are to:-\n\n\n\nPut in place a nursery for the production of seedlings to be used for the planting out of up to 30,000 hectares needed for the planned industrial production of up to 60,000 tonnes of CJO annually. \n\n\n\n\nObtain in s...