Business
Announcement re Shard waiver and GC purchase
Announcement re Shard waiver and GC purchase.
About this update from Zanaga Iron Ore Co. Ltd.
[{"type":"text","content":"\n\n01 July 2024 \nShard Facility update and proposed share subscriptions\n \nZanaga Iron Ore Company (\"ZIOC\" or the \"Company\") (AIM:ZIOC) announces that, further to ZIOC's announcements on 28 June 2024 Shard Merchant Capital Ltd (\"SMC\") has approached ZIOC to request a waiver to the share trading limitations imposed by the equity subscription agreements entered into between SMC and ZIOC in 2023 and 2024 respectively, allowing SMC to sell a block of ZIOC shares expected to be in the order of 14,380,953 shares at a price of 5.25 pence per share (\"Trade Price\") (the \"Shard Facility Sale\").\nThe Shard Facility Sale would be conditional upon the admission to trading on AIM of the 24 million Ordinary Shares to be issued pursuant to Existing ESA Tranche 3 and 2024 ESA First Tranche (as those terms are defined in ZIOC's announcement at 17:54 on 28 June 2024). An application has been made and these Ordinary Shares are expected to be admitted to trading on AIM on 4 July 2024 (\"Admission\").\nIn addition:\n· Glencore has indicated that, subject to the Board of Directors resolving not to require Glencore to extend an offer in accordance with Article 33.1 of the Company's Articles of Association and SMC confirming that it has conditionally sold at least USD500,000 of Ordinary Shares, they would be willing to subscribe for GBP236,425 of ordinary shares in the Company at the Trade Price (being an amount equal to approximately USD300,000 in aggregate using the GBP:USD exchange rate of 1:1.2689); and\n· Mr Clifford Elphick has indicated that he would also be willing to subscribe for GBP15,761 of ordinary shares in the Company, at the Trade Price (being an amount equal to approximately USD20,000 in aggregate using the GBP:USD exchange rate of 1:1.2689),\n(together, the \"Subscriptions\").\n \nCompletion of the Subscriptions would result in Glencore and Mr Elphick acquiring 4,503,339 shares and 300,223 shares respectively, and their direct and indirect shareholdings becoming 43.17% and 12.23% respectively.\n \nThe Company proposes to grant the waiver to SMC and enter into the Subscriptions and a further announcement will be made in due course.\n \nThe Zanaga Iron Ore Company Limited LEI number is 21380085XNXEX6NL6L23.\n \nFor further information, please contact:\n&...