Business
Conditional Share Exchange Agreement
Conditional Share Exchange Agreement.
About this update from Wishbone Gold Plc
[{"type":"text","content":"\n \nRNS Number : 0100T Wishbone Gold PLC 14 November 2013 \n \n\nWishbone Gold Plc / Index: AIM / Epic: WSBN / Sector: Natural Resources\n \n14 November 2013\n \nWishbone Gold Plc ('Wishbone Gold' or the 'Company') \nConditional Share Exchange Agreement\n \nWishbone Gold, an exploration and acquisition company focussed on precious metals, announces that it has entered into a conditional Share Exchange Agreement (the 'Exchange Agreement') with Global Resources Investments Ltd, which will re-register as a public company and be constituted as an investment trust with the name Global Resources Investment Trust Plc ('GRIT'). The Board of Wishbone Gold believe that this transaction with GRIT, a new company going through an admission process for listing on the main market of the London Stock Exchange (the 'LSE'), founded by a group of highly successful fund managers to focus exclusively on investing in the junior mining sector, will provide the Company with an important new strategic investor and will support Wishbone Gold's investment policy to identify and develop precious metal assets. \n \nUnder the Exchange Agreement, which will become unconditional when GRIT's shares are listed:\n \n· Wishbone Gold has agreed to exchange 45,772,693 new ordinary shares of 0.1p in the Company ('Exchange Shares') at a price of approximately 2.25 p per Exchange Share\n· The board of Wishbone Gold has approved the allotment and issue (conditional inter alia on admission of the Exchange Shares to trading on AIM) of the Exchange Shares in consideration for the allotment to Wishbone Gold, upon GRIT's shares listing, of 1,031,360 ordinary shares of £0.01 each in GRIT ('GRIT Shares') at a price of £1.0 per GRIT Share \n· The GRIT Shares will be subject to a six month orderly market provision under which the GRIT Shares can only be disposed of through Nplus1 Singer Advisory LLP\n· The Company will be able dispose of the GRIT Shares to raise working capital \n· The Exchange Shares issued to GRIT will represent approximately 20 per cent of the issued share capital of the Company as enlarged by the issue of the Exchange Shares \n \nA further announcement confirming the unconditional issue and allotment of ...