Business
Subscription Announcement
Subscription Announcement.
About this update from Zephyr Energy Plc
[{"type":"text","content":"\n \nRNS Number : 8550H Vane Minerals PLC 26 June 2013 \n \n\nVANE Minerals plc (AIM:VML)\n(\"VANE\" or the \"Company\")\nIntention to raise £1,399,000 by way of a conditional subscription\nVANE today announces its intention to raise £1,399,000 by way of a conditional subscription arranged by its incoming CEO (the \"Subscription\").\nSummary of the Subscription\n- The Company proposes to raise £1,399,000 (before expenses) by way of a conditional subscription of up to 349,750,000 new ordinary shares of 0.1 pence each (\"Subscription Shares\") at a price of 0.4 pence per Subscription Share (the \"Subscription Price\")\n- The Subscription Shares have been conditionally subscribed for by institutional and other investors (the \"Subscribers\")\n- The Subscription is subject to the approval of a waiver of Rule 9 of the Takeover Code and the approval of a \"whitewash\" circular by the Takeover Panel together with the subsequent approval by shareholders of certain resolutions (including the \"whitewash\") at a general meeting of the Company, the date of which will be announced at the appropriate time (the \"General Meeting\"). The net proceeds of the Subscription will be used to assist the Company in investigating possible asset acquisitions as well as for general working capital\nMatthew Idiens, incoming CEO, commented: \"I am delighted that we are able to announce a proposed subscription to raise £1,399,000. The financing will allow us to pursue our stated desire to investigate potential asset acquisitions and also assist us with our general working capital needs. In these prohibitive financing markets I am grateful for the support the investors have shown by the offer of these funds\"\nFor further information, please contact:\n\n\n\n\nVANE Minerals Plc\n\n\n+44 (0) 207 225 4595\n\n\n\n\nMatthew Idiens\n \n\n\n\n\n\n\n\nAllenby Capital\n\n\n+44(0) 203 328 5656\n\n\n\n\nJeremy Porter/Alex Price\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBankside\n\n\n+44 (0) 20 7367 8888\n\n\n\n\nSimon Rothschild\n\n\n\n\n\n\n\nSubscription for 349,750,000 new ordinary shares of 0.1 pence each (\"Ordinary Shares\") at 0.4 pence per share\nIntroduction\nThe Company proposes to raise £1,399,000 (before expenses) through the issue of the Subscription Shares...