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Patagonia Gold Announces Raising of Additional £1 million ($1.6 million) Through Placement of Ordinary Shares
TORONTO, Nov. 27, 2012 /CNW/ - Patagonia Gold (AIM: PGD), (TSX: PAT) ("Patagonia Gold" or ...
About this update from Xtract One Technologies Inc
[{"type":"text","content":"\n\n\n\n\n\nTORONTO, Nov. 27, 2012 /CNW/ - Patagonia Gold (AIM: PGD), (TSX: PAT) (\"Patagonia Gold\" or \"the\n Company\") is pleased to announce that further to the announcement on October 25,\n 2012 it has raised, through Mirabaud Securities LLP, additional gross\n proceeds of approximately £1 million (approximately $1.6 million)\n through a placing (the \"Placing\") of 3,920,000 new ordinary shares of 1\n pence each in the Company (the \"Placing Shares\") at a price of 25.5\n pence per Placing Share (the \"Issue Price\"). The Issue Price represents\n a discount of approximately 0.97 per cent to the closing middle market\n price of 25.75 pence per ordinary share on November 26, 2012, being the\n last trading day prior to this announcement and the new shares\n represent approximately 0.48 per cent of the enlarged issued share\n capital.\n\n\nIn addition, the subscriber for the Placing Shares has been issued with\n three quarters of a warrant for every such Placing Share so subscribed\n (with fractional entitlements rounded down to the nearest whole\n warrant) (the \"Warrants\") comprising a total of 2,940,000 Warrants. The\n Warrants are exercisable into Ordinary Shares on a one for one basis at\n a price of 28.05 pence each (being equal to a 10 per cent premium to\n the Placing Price) at any time prior to November 30, 2016. The Warrants\n are non-transferable save in limited circumstances. No application will\n be made for admission of the Warrants to trading on AIM or to be listed\n on the Toronto Stock Exchange.\n\n\nThe net proceeds of the Placing will be used to fund the development\n expenditure for the Lomada de Leiva gold production project, continuing\n development expenditure on the Cap-Oeste and COSE projects in Argentina\n and to provide general working capital for the Company.\n\n\nThe Placing is conditional on admission of the Placing Shares to trading\n on AIM (\"Admission\"). The Placing Shares will be fully paid and will\n rank pari passu in all respects with the Company's existing ordinary shares 1 pence\n each (\"Ordinary Shares\"). Application has been made to the London Stock\n Exchange for Admission and application has been made to list the\n Placing Shares on the Toronto Stock Exchange.  It is expected that\n Admission will become effective and that dealings in the Placing Shares\n will commence...