Arkle Resources PLC Conditional Placing to Raise GBP252,000 (7865H)
27 March 2020 - 6:00PM
UK Regulatory
TIDMARK
RNS Number : 7865H
Arkle Resources PLC
27 March 2020
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
27 March 2020
Arkle Resources PLC
("Arkle" or the "Company")
Conditional Placing to Raise GBP252,000
Arkle Resources PLC (LON: ARK), the Irish gold and zinc
exploration and development company, is pleased to announce that it
has undertaken a conditional placing with existing investors to
raise GBP252,000 via the issue of 50,400,000 new ordinary shares
(the "Placing Shares"), at a placing price of 0.5p per Placing
Share (the "Placing Price").
Each Placing Share has one warrant attached with the right to
subscribe for one new ordinary share at 0.5p per new ordinary share
for a period of two years (the "Placing Warrants").
As the Placing Price is lower than the current nominal value of
the Company's existing ordinary shares ("Existing Ordinary
Shares"), being EUR0.01 (1 euro cent) each, the Company will
shortly be convening an extraordinary general meeting ("EGM"), to
be held on 22 April 2020, at which it will be proposed that each of
the Existing Ordinary Shares be sub-divided into one New Ordinary
Share with a nominal value of EUR0.0025 and one Deferred Share with
a nominal value of EUR0.0075 (the "Share Capital
Reorganisation").
The Deferred Shares will have no value or voting rights and they
will not be admitted to trading on AIM. Following the Share Capital
Reorganisation, there will be the same number of New Ordinary
Shares in issue as there are Existing Ordinary Shares.
An announcement providing details of the EGM and containing
further information regarding the Share Capital Reorganisation will
be made in due course.
The funds raised are expected to provide working capital
sufficient for requirements for the remainder of 2020 as well as
maintaining ongoing exploration activities.
Directors' Holdings
Certain directors of the Company have participated in the
conditional placing as follows:
Name No. of Placing Resultant Shareholding % of Enlarged
Shares Issued Share Capital
James Finn 2,500,000 11,563,527 6.33
David Cockbill 2,000,000 2,935,408 1.61
Patrick Cullen 2,000,000 2,800,000 1.53
Related Party Transaction
The subscription for Placing Shares and Placing Warrants by
James Finn, David Cockbill and Patrick Cullen (the "Directors'
Participation") is a related party transaction under the AIM Rules
for Companies. John Teeling, who is an independent director for the
purposes of the transaction, having consulted with the Company's
Nominated Adviser, SP Angel Corporate Finance LLP, considers the
terms of the Directors' Participation to be fair and reasonable
insofar as shareholders are concerned.
Admission and Total Voting Rights
An application will be made for the admission of the Placing
Shares to trading on AIM ("Admission"). Assuming the resolutions
are passed at the EGM, Admission is expected to occur on or around
23 April 2020.
Following Admission, there will be a total of 182,711,593
ordinary shares in issue with each ordinary share carrying the
right to one vote. This figure may be used by shareholders as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or change to their
interest in, the Company under the FCA's Disclosure and
Transparency Rules.
ENDS
Enquiries:
Arkle Resources PLC
John Teeling, Chairman +353 (0) 1 833 2833
Patrick Cullen, CEO +353 (0) 87 272 1748
+44 (0) 755 237 8208
SP Angel Corporate Finance
LLP
Matthew Johnson/Soltan Tagiev +44 (0) 203 470 0470
First Equity Limited
Jason Robertson +44 (0) 207 374 2212
Blytheweigh +44 (0) 207 138 3204
Megan Ray
Teneo
Luke Hogg +353 (0) 1 661 4055
Alan Tyrrell +353 (0) 1 661 4055
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS
DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY
ASSOCIATED WITH THEM:
1 Details of the persons discharging managerial responsibilities
I persons closely associated
a) N a mes 1. James Finn
2. David Cockbill
3. Patrick Cullen
--------------------------------- ---------------------------------------------
2 Reason for the notification
--------------------------------------------------------------------------------
a) Position / st a tus 1. Financial Director/Company Secretary
2. Non-Executive Director
3. CEO
--------------------------------- ---------------------------------------------
b) Initial notification / Amendment Initial notification
--------------------------------- ---------------------------------------------
3 Details of the issuer
--------------------------------------------------------------------------------
a) Name Arkle Resources PLC
--------------------------------- ---------------------------------------------
b) LEI 213800CTOO8MOLMNEQ44
--------------------------------- ---------------------------------------------
4 Details of the transaction(s): section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii)
each date; and (iv) each place where transactions have been conducted
--------------------------------------------------------------------------------
a) Description of the fina Ordinary Shares of EUR0.01 each, where
n cial instrume nt , type each share is accompanied by one warrant.
of ins t rument
--------------------------------- ---------------------------------------------
Identification code ISIN for Ordinary Shares: IE00B2357X72
--------------------------------- ---------------------------------------------
b) Nature of t h e transact Share purchase - subscription for new
i o n ordinary shares
--------------------------------- ---------------------------------------------
c) Price(s) a n d vo l ume(s) Price(s) Vo l ume(s)
0.5p 2,500,000
0.5p 2,000,000
0.5p 2,000,000
------------
--------------------------------- ---------------------------------------------
d) Aggregated information Price(s) Vo l ume(s)
- Aggregated volume 0.5p 6,500,000
- Price ------------
--------------------------------- ---------------------------------------------
e) Date of the transaction 26 March 2020
--------------------------------- ---------------------------------------------
f) Place of the transaction Off-market
--------------------------------- ---------------------------------------------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IOEKZGZFNVNGGZM
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