Reabold Resources PLC Notice of GM (4854R)
September 22 2017 - 2:01AM
UK Regulatory
TIDMRBD
RNS Number : 4854R
Reabold Resources PLC
22 September 2017
For immediate release 22 September 2017
Reabold Resources plc ("Reabold" or the "Company")
Notice of General Meeting
Further to the announcement of 20 September 2017, Reabold, the
AIM listed investment company operating in the natural resources
sector, is pleased to announce that it is today posting a notice of
general meeting ("the Notice") to shareholders, and the Notice is
available on the Company website www.reabold.com.
The general meeting (the "Meeting") will take place at the
offices of Hill Dickinson LLP at 105 Jermyn Street, London SW1Y 6EE
at 10.30 a.m. on 12 October 2017.
Background
As announced by the Company on 20 September 2017, the Company
has raised GBP3,960,000 in aggregate (before expenses) by way of a
placing (the "Placing") of 792,000,000 new ordinary shares of
GBP0.001 each at a placing price of GBP0.005 per share. In
settlement of broker fees for work on the Placing, the Company will
also be issuing 2,000,000 new ordinary shares to Turner Pope on the
same terms as the Placing (the "Broker Shares").
Settlement for the Placing Shares, the Broker Shares and
Admission is expected to take place on or before 8.00 a.m. on 25
September 2017. The Placing is conditional upon, among other
things, Admission becoming effective and the Placing Agreement not
being terminated in accordance with its terms.
The Placing Shares will represent approximately 66.6% of the
Company's enlarged issued share capital. Following completion of
the Placing and the issue of the Broker Shares, the number of
shares in issue will be 1,188,415,896 (the "Enlarged Issued Share
Capital").
The funds raised from the Placing will allow the Company to
pursue further investment opportunities in accordance with its
investing policy.
The Placing and the issue of the Broker Shares will utilise
nearly all of the Directors' current authorities to issue new
ordinary shares free of pre-emption rights and accordingly they are
seeking shareholders' authority to issue up to a further
1,000,000,000 shares in order to facilitate a further placing as
well as providing additional headroom for the future issue of
further new ordinary shares. If such authority were to be granted,
the 1,000,000,000 shares would represent approximately 84.1% of the
Enlarged Issued Share Capital. The Directors wish to undertake a
further placing and, while there can be no certainty that such a
placing will succeed, believe that investor interest exists for a
placing of up to GBP1,500,000, with the proceeds being to allow the
Company to pursue further investment opportunities in accordance
with its investing policy.
Resolutions
The resolutions to be considered at the Meeting are set out
below.
Resolution 1 - Authority of Directors to allot shares
This is an Ordinary Resolution granting general authority to the
directors to allot new ordinary shares up to an aggregate nominal
amount of GBP1,000,000. The authority will expire on the date of
the next annual general meeting of the Company.
Resolution 2 - Dis-application of pre-emption rights
This is a Special Resolution authorising the directors to allot
ordinary shares for cash up to the thresholds described in
Resolution 1 on a non pre-emptive basis pursuant to the authority
conferred by Resolution 1 above. This will allow the board to allot
shares without recourse to the shareholders so that it can issue
shares for cash, grant options and allot shares to directors,
employees and consultants pursuant to share option and incentives
plans of the Company and move quickly from time to time as it deems
appropriate. If the authority is granted, it would only be
exercised if the Directors believe that to do so would be in the
best interest of the shareholders as a whole. This authority will
expire at the commencement of the next annual general meeting.
Enquiries:
Reabold Resources plc
Jeremy Edelman +44 (0) 20 7440
Anthony Samaha 0640
Beaumont Cornish Limited - Nominated
Adviser and Joint Broker
Roland Cornish +44 (0) 20 7628
Felicity Geidt 3396
Whitman Howard Limited - Joint
Broker
Nick Lovering +44 (0) 20 7659
Grant Barker 1234
Turner Pope Investments (TPI)
Ltd - Placing Agent
James Pope +44 (0) 20 3621
Ben Turner 4120
This information is provided by RNS
The company news service from the London Stock Exchange
END
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