RNS Number:3632J
Lapp Plats Plc
25 September 2006
LAPP PLATS PLC
#1.26million Equity Placing
New Board Appointments
Lapp Plats plc ("Lapp Plats" or the "Company") is pleased to announce that it
has completed a fund raising of #1.26million by way of an oversubscribed
conditional placing (the "Placing") of 8,366,667 new ordinary shares of Stg1p
each (the "Placing Shares") at a placing price of Stg15p per Ordinary Share.
The Placing is conditional only on admission of the Placing Shares to trading on
the AIM Market of the London Stock Exchange and the IEX Market of the Irish
Stock Exchange. Dealing in the Placing Shares is expected to commence on 28
September 2006.
The proceeds of the Placing will supplement the working capital of the Company
and will primarily be used for corporate development purposes.
In addition, application will be made for 593,333 new ordinary shares of Stg1p
each ("Share Payment") to be issued to satisfy certain professional service and
consultancy liability obligations.
Following the Placing and the Share Payment the issued share capital of the
Company will increase to 22,268,334 ordinary shares of Stg1p each ("Enlarged
Share Capital").
Allied to the Placing and the Share Payment, the Board of the Company have
appointed Thomas O'Gorman as non-Executive Chairman by splitting the current
role of Chairman and CEO held by Michael Nolan. Mr O'Gorman is a long time
investor and financier in the natural resource sector. The Board has also
appointed Paul Sweeney as a non-executive Director, Mr Sweeney has worked with
two of Ireland's largest financial institutions as an investment adviser for
over 17 years.
Commenting on the today's announcements, Lapp Plats' CEO Michael Nolan said: "I
believe that our achievement in raising significant new funds allied to the
appointments of both Tom O'Gorman and Paul Sweeney to the Board of Lapp Plats
demonstrate that we are now adequately funded to develop new projects and create
new corporate opportunities within the vibrant mineral and oil and gas sectors.
Our strategy is to build value through both project and corporate acquisition
and the new funds raised will assist us in executing this strategy."
Information on Directors
Mr O'Gorman has an interest in 3,737,166 Ordinary Shares representing 16.78% of
the Enlarged Share Capital of the Company and Mr Sweeney, having subscribed for
2,138,833 shares in the Placing, brings his total interest to 2,238,833 Ordinary
Shares representing 10.05% of the Enlarged Share Capital of the Company.
Directorships held in previous 5 years:
Thomas Philip O'Gorman
Current directorships Past directorships
None Argonaut Ventures Limited
Paul Joseph Sweeney
Current directorships Past directorships
None None
Save as disclosed below, there are no further details required to be disclosed
pursuant to schedule 2 (g) of the AIM and IEX rules.
For further information please contact:
Michael Nolan, CEO
+ 353 87 242 9221
25 September 2006
This information is provided by RNS
The company news service from the London Stock Exchange
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