Columbus Energy Resources PLC Posting of Open Offer Circular (6207T)
October 16 2017 - 2:00AM
UK Regulatory
TIDMCERP
RNS Number : 6207T
Columbus Energy Resources PLC
16 October 2017
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR
JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
BREACH OF THE RELEVANT SECURITIES LAWS OF SUCH JURISDICTION.
This announcement does not constitute a prospectus or offering
memorandum or an offer in respect of any securities and is not
intended to provide the basis for any investment decision in
respect of Columbus Energy Resources plc or other evaluation of any
securities of Columbus Energy Resources plc or any other entity and
should not be considered as a recommendation that any investor
should subscribe for or purchase any such securities.
16 October 2017
COLUMBUS ENERGY RESOURCES PLC
("COLUMBUS" or the "Company")
Posting of Open Offer Circular
Columbus is pleased to announce that, further to its
announcement of 9 October 2017, it has today posted a circular (the
"Circular") to Qualifying Shareholders regarding an Open Offer of
up to approximately GBP1.0 million. The Circular will also be made
available today on the Company's website at
www.columbus-erp.com.
All capitalised terms in this announcement have the same
meanings as those given to them in the Circular, unless the context
otherwise requires.
The Open Offer is being made to Qualifying Shareholders on the
register as at the Record Date of close of business on 13 October
2017, for up to 20,129,349(1) Open Offer Shares at 5.0 pence per
Open Offer Share (being the same price as the Issue Price for the
Placing and Subscription) on the basis of:
1 Open Offer Share for every 31 Existing Ordinary Shares
As announced on 9 October 2017, the Issue Price represents
a:
-- discount of approximately 16.7% to the Company's closing
middle market share price of 6.00p on 6 October 2017, being the
last business day prior to the announcement of the Fundraising;
and
-- premium of approximately 14.4% to the volume weighted average
price of 4.37p for the one month to 6 October 2017.
Qualifying Shareholders are also being given the opportunity,
provided that they take up their Open Offer Entitlements in full,
to apply for additional Open Offer Shares through an Excess
Application Facility.
Full details of the Open Offer, including terms and conditions
and details on how to accept the Open Offer, are set out in the
Circular posted to Qualifying Shareholders today and available on
the Company's website.
(1) On 10 October 2017, the Company announced that it had
received a conversion notice from Lind to the value of US$0.15
million, in accordance with the terms of the Lind Facility, whereby
Lind are entitled to convert US$0.15 million into 2,152,333 shares
in the Company at a conversion price of 4.5 pence per share. This
has resulted in an increase in the number of Open Offer Shares
available to Qualifying Shareholders to 20,129,349 from
20,048,306.
Application has been made for the Open Offer Shares to be
admitted to trading on the AIM market ("AIM") of London Stock
Exchange, ("Admission"), and it is expected that Admission will
become effective and that dealings will commence in the Open Offer
Shares at 8.00 a.m. on 7 November 2017.
Following the issue of the Open Offer Shares (assuming full
take-up under the Open Offer), the enlarged ordinary share capital
of the Company will be 644,139,184 Ordinary Shares.
EXPECTED TIMETABLE OF PRINCIPAL EVENTS
2017
Record Date for entitlement Close of business
under the Open Offer on 13 October
Ex-entitlement Date for the 16 October
Open Offer
Posting of the Circular and, 16 October
to Qualifying non-CREST Shareholders
only, the Application Forms
Open Offer Entitlements and 8.00 a.m. on 17
Excess CREST Open Offer Entitlements October
credited to stock accounts
in CREST of Qualifying CREST
Shareholders
Latest recommended time and 4.30 p.m. on 26
date for requesting withdrawal October
of Open Offer Entitlements
and Excess CREST Open Offer
Entitlements from CREST
Latest time for depositing 3.00 p.m. on 27
Open Offer Entitlements and October
Excess CREST Open Offer Entitlements
into CREST
Latest time and date for splitting 3.00 p.m. on 30
Application Forms (to satisfy October
bona fide market claims)
Latest time and date for receipt 11.00 a.m. on 1
of completed Application Forms November
and payment in full under the
Open Offer or settlement of
relevant CREST instruction
(as appropriate)
Expected time and date of announcement 7.00 a.m. on 2 November
of results of the Open Offer
Admission effective and dealings 8.00 a.m. on 7 November
in the Open Offer Shares expected
to commence on AIM
Expected date for crediting 8.00 a.m. on 7 November
of Open Offer Shares in uncertificated
form to CREST stock accounts
Expected date of despatch of 17 November
share certificates in respect
of Open Offer Shares in certificated
form
Notes:
Each of the dates in the above timetable is subject to change at
the absolute discretion of the Company. If any of the details
should change, where appropriate, the revised times and/or dates
will be notified to Shareholders by means of an announcement
through a Regulatory Information Service.
Contact Information:
Columbus Energy Resources plc +44 (0)20 3794
Leo Koot / Gordon Stein 9230
VSA Capital Limited
Financial Adviser & Broker +44 (0)20 3005
Andrew Raca / Justin McKeegan 5000
Beaumont Cornish Limited
Nominated Adviser +44 (0)20 7628
Roland Cornish / Rosalind Hill Abrahams 3396
Camarco
Public and Investor Relations +44 (0)20 3757
Georgia Edwards / James Crothers 4983
This information is provided by RNS
The company news service from the London Stock Exchange
END
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