Blenheim Natural Resources PLC Conditional Placing to raise £750,000 (4112U)
January 18 2017 - 2:05AM
UK Regulatory
TIDMBNR
RNS Number : 4112U
Blenheim Natural Resources PLC
18 January 2017
18 January 2017
Blenheim Natural Resources Plc
("Blenheim" or the "Company")
Oversubscribed Conditional Placing to Raise GBP750,000
The Company is pleased to announce that it has raised a total of
GBP750,000 before expenses through a placing of 214,285,714
ordinary shares of 0.1 pence each in the capital of the Company
("Ordinary Shares") at a price of 0.35 pence per share per Ordinary
Share (the "Placing"), subject to shareholder approval.
The net proceeds of the placing will be used by the Company to
make further investments in accordance with its investing policy,
including to fund the cash consideration, should the Company
exercise its the option to acquire a 30 per cent interest in the
Dieba exploration permit in Southern Mali, as set out in the
Company's RNS dated 18 January 2017. The net proceeds of the
Placing will also be used to provide Blenheim with general working
capital.
The Company has agreed to grant warrants over Ordinary Shares to
subscribers on the basis of one warrant for every Ordinary Share
taken up under the Placing, each entitling the holder to subscribe
for a further Ordinary Share at a price of 0.65 pence per Ordinary
Share (the "Placing Warrants"), exercisable at any time for a
period of two years from the date of admission of the Placing
Shares to trading on the AIM Market of the London Stock
Exchange.
In connection with the Placing, the Company has also agreed to
issue 10,714,286 warrants, each entitling the holder to subscribe
for a further Ordinary Share at an exercise price of 0.35 pence per
Ordinary Share, to Cornhill Capital Limited, the Company's joint
broker (the "Broker Warrants"). The Broker Warrants will be
exercisable at any time for a period of three years from the date
of issue of Ordinary Shares pursuant to the Placing.
The Placing, which was oversubscribed, is conditional on and
subject to the passing of the relevant shareholder resolutions at a
general meeting of the Company. The Company will shortly convene a
general meeting to, inter alia, grant the directors the authorities
to issue and allot 214,285,714 Ordinary Shares and 214,285,714
Placing Warrants pursuant to the Placing, and the 10,714,286 Broker
Warrants. A notice of General Meeting will shortly be sent to
shareholders and further announcements will be made as soon as
practicable.
Ends
For further information please contact:
Blenheim Natural +44 (0) 1622
Chris Ells Resources Plc 844601
Colin Aaronson/Jamie Barklem/ Grant Thornton UK +44 (0) 20
Daniel Bush LLP 7383 5100
+44 (0)1483
Nick Emerson SI Capital Ltd 413500
Peterhouse Corporate +44 (0) 20
Lucy Williams / Duncan Vasey Finance Limited 7469 0932
Cornhill Capital +44 (0) 20
Colin Rowbury Limited 7710 9610
The information contained within this announcement is considered
to be inside information, for the purposes of Article 7 of EU
Regulation 596/2014, prior to its release.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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January 18, 2017 02:05 ET (07:05 GMT)
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