Bluebird Merchant Ventures Limited Completion of Bluebird's Premium Private Placement (3847H)
November 15 2018 - 2:00AM
UK Regulatory
TIDMBMV
RNS Number : 3847H
Bluebird Merchant Ventures Limited
15 November 2018
15 November 2018
Bluebird Merchant Ventures Ltd
(the "Company" or "Bluebird")
Completion of Bluebird's Premium Private Placement
Bluebird Merchant Ventures (LSE: BMV), the Asian focused
resource development group is pleased to announce completion of a
Private Placement of USD 380,000 at a premium of GBP 0.025 per
share.
Highlights:
-- Management and major shareholders led the USD 380,000 premium Private Placement
-- Future conversion agreed of USD 750,000 of funding provided by Colin Patterson
Management led and completed a Private Placement, raising gross
proceeds of USD 380,000 through the placement of 11,761,840 common
shares of no par value at a subscription price of GBP 0.025 per
share. Following issuance of the Placement Shares, the Company has
a total of 227,829,831 common shares in issue and admitted to
trading on the Standard List of the London Stock Exchange. The net
proceeds of the Private Placement will be invested in advancing
Bluebird's two South Korean mining projects, Gubong and
Kochang.
In addition to the Private Placement, 11,761,840 warrants at an
exercise price of GBP 0.025 with an expiry date of 12 months, were
issued. The warrants have an Accelerator, whereby if the share
price trades at GBP 0.03 or above for 10 consecutive days, the
warrant must be exercised within 10 days or be terminated. Should
the warrant be exercised, a further one warrant for every share
subscribed for shall be issued with an exercise price of GBP 0.04
with an expiry date of 18 months. If the share price trades at GBP
0.05 or above for 10 consecutive days, the warrant must be
exercised within 10 days or be terminated.
In addition to the Private Placement, funding of USD 750,000,
provided by CEO, Colin Patterson, which was first announced on 19
December 2017, will also be converted at the premium price of GBP
0.025. These shares will be issued subject to publication of a
prospectus at a future date.
Colin Patterson, CEO, commented:
"We are pleased to have completed a premium Private Placement
given the current market conditions. This demonstrates the
confidence in our South Korean projects and in the progress that
has been made as we continue to move towards our goal of reopening
the mines.
"We look forward to updating the market in the next few weeks
regarding metallurgical test results from the Kochang gold and
silver mine."
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014 ("MAR")
Enquiries:
Bluebird Merchant Ventures Ltd +44 (0) 7797 859986
Jonathan Morley-Kirk, Non-Executive
Chairman
SP Angel Corporate Finance LLP
Ewan Leggat
Smaller Company Capital Ltd + 44 (0) 20 3470 0470
Rupert Williams /Jeremy Woodgate +44 (0) 20 3651 2910
Blytheweigh +44 (0) 20 7138 3204
Tim Blythe / Camilla Horsfall
/ Julia Tilley
www.bluebirdmv.com
@BluebirdIR
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END
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