Amur Minerals Corporation Conversion of Warrants and Issue of Equity (6618Y)
May 19 2016 - 2:01AM
UK Regulatory
TIDMAMC
RNS Number : 6618Y
Amur Minerals Corporation
19 May 2016
19 May 2016
AMUR MINERALS CORPORATION
(AIM: AMC)
Conversion of Warrants and Issue of Equity
Amur Minerals Corporation ("Amur" or the "Company"), the
nickel-copper sulphide mineral exploration and resource development
company focused on the far east of Russia, announces that, pursuant
to the subscription agreement entered into with Crede CG III Ltd
("Investor") on 14 December 2015, the Investor has elected to
convert 10,000,000 warrants ("Warrants") out of a total of
24,509,805 warrants that were issued under the second subscription
on 17 March 2016. Notice of conversion of the Warrants was received
by Amur on 13 May 2016.
Under the terms of the financing, the Investor may exercise the
Warrants by exchanging them for new Ordinary Shares of no par value
("Ordinary Shares") being such number of new Ordinary Shares
calculated by dividing the aggregate Black-Scholes Value of the
Warrants held and to be exercised by the Investor by the closing
bid price of Ordinary Shares on the trading day two days prior to
the date on which the Warrant notice is issued, at a price per
Ordinary Share equal to the Black-Scholes Subscription Price
payable in full on the trading date the Warrant is exercised.
In no event shall the Investor be able to exchange the Warrants
for new Ordinary Shares unless the volume weighted average price of
Ordinary Shares has been below the Subscription Price associated
with each issue of Warrants for 3 consecutive days prior to the
date of giving notice of an exchange of the Warrants and the
Investor must have no interest in Ordinary Shares at the time of
giving notice.
"Black-Scholes Value" means the value of a Warrant calculated
using the Black--Scholes model as developed in 1973 by Fischer
Black, Robert Merton and Myron Scholes, using the Economic Research
Institute's Black--Scholes calculator, where the Volatility shall
be 135%, the term of the Warrants shall be deemed to be 60 months
(regardless of the then actual remaining term of the Warrants), the
stock price shall be the Subscription Price and the option price
shall be 130% of the Subscription Price.
"Black-Scholes Subscription Price" means a price per new
Ordinary Share equal to a deemed nominal value of GBP0.01 per
Ordinary Share on the trading date the Warrant is exercised.
In this instance, "Subscription Price" means GBP0.0765, being
the closing bid price of Ordinary Shares on the trading day prior
to the date of issue of the second tranche of subscription
shares.
Pursuant to the terms of the subscription agreement as set out
above, the Company has today issued 15,367,916 new Ordinary Shares
to the Investor at the Black-Scholes Subscription Price, which
means Crede CG III Ltd is now interested in approximately 2.90 per
cent. of the issued share capital of the Company as enlarged by the
issue of the new Ordinary Shares. Pursuant to the terms of the
subscription agreement, an administration charge is due to the
Investor in the event that the Warrants are converted. Such
administration charge is equal to the number of new Ordinary Shares
being issued multiplied by the Black-Scholes Subscription
Price.
Application will be made to the London Stock Exchange plc for
15,367,916 new Ordinary Shares to be admitted to trading on the AIM
market with admission expected to occur on or around 25 May 2016.
The new Ordinary Shares rank pari passu in all respects with the
existing Ordinary Shares including the right to receive any
dividend or other distribution thereafter declared, made or paid.
There are no Ordinary Shares held in treasury. Therefore, the total
number of voting rights in the Company, following the issue of
15,367,916 new Ordinary Shares is 530,331,052.
Company Nomad and Broker Public Relations
Amur Minerals S.P. Angel Corporate Yellow Jersey
Corp. Finance LLP
Robin Young Ewan Leggat Dominic Barretto
CEO Laura Harrison Harriet Jackson
+44 (0) 7981 +44 (0) 20 3470 +44 (0) 7544
126 818 0470 275 882
For additional information on the Company, visit the Company's
website, www.amurminerals.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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