Blenheim Natural Resources PLC Result of General Meeting (7221D)
28 April 2017 - 10:38PM
UK Regulatory
TIDMBNR
RNS Number : 7221D
Blenheim Natural Resources PLC
28 April 2017
28 April 2017
BLENHEIM NATURAL RESOURCES PLC
("Blenheim" or the "Company")
Result of General Meeting
Blenheim is pleased to announce that at the Company's General
Meeting held earlier today, both resolutions were duly passed.
As a result, shareholders have granted the directors the
authority to allot and issue up to 75,000,000 ordinary shares of
0.1 pence each in the capital of the Company ("Ordinary Shares"),
(the "Consideration Shares"), as partial consideration for the
conditional acquisition of a 30 per cent interest in Nashwan
Holdings Ltd ("Nashwan"), as announced by the Company on 30 March
2017. The remaining consideration for the investment in Nashwan is
GBP200,000 in cash (the "Cash Consideration"). Completion of the
Company's investment in Nashwan was conditional on shareholders
granting the directors the authority to allot and issue the
Consideration Shares and will now take place within 5 business
days.
Pursuant to the terms of the acquisition, the issue of the
Consideration Shares and the payment of the Cash Consideration to
Mr Harry Sutherland remains conditional on Nashwan successfully
being granted with exploration licences over both its Menianbala
and Djidje projects within 90 days of the date of completion, or by
such other date agreed between the parties. Blenheim will make
further announcements in this respect in due course.
Shareholders have also granted the directors the authority to
allot and issue Ordinary Shares on a non-pre-emptive basis up to an
aggregate nominal amount of GBP398,577. Accordingly, the Company
now has the requisite authority to complete the conditional placing
of 222,222,222 Ordinary Shares to raise GBP1 million before
expenses, and to issue 11,111,111 warrants over Ordinary Shares to
Cornhill Capital Limited, the Company's broker (announced on 27
April 2017).
Application has been made for 222,222,222 new Ordinary Shares,
which rank pari passu with the Company's existing issued Ordinary
Shares, to be admitted to trading on the AIM Market of the London
Stock Exchange ("AIM"). Dealings on AIM are expected to commence at
8:00 a.m. on or around 3 May 2017 ("Admission").
Further to the announcement of 27 April 2017, and pursuant to
the authorities granted by shareholders at the Company's general
meeting of shareholders held on 7 February 2017, GBP1 of the
proceeds of the placing, having been raised for this specific
purpose, shall be used by the Company to redeem in total the 23,790
deferred shares of GBP49 each in the capital of the Company in
issue (the "Deferred Shares"). The Deferred Shares carry no voting
rights and have effectively no economic value. The redemption of
the Deferred Shares will be completed as soon as reasonably
practicable following Admission.
Total Voting Rights
Following Admission, the issued share capital of the Company
will comprise 620,798,836 Ordinary Shares with voting rights
attached (one vote per share). The Company does not hold any shares
in treasury. This figure of 620,798,836 may be used by shareholders
as the denominator for the calculation by which they will determine
if they are required to notify their interest in, or a change to
their interest in, the share capital of the Company under the
Financial Conduct Authority's Disclosure Guidance and Transparency
Rules.
Ends
For further information please contact:
Chris Ells Blenheim Natural Resources Plc +44 (0) 1622 844601
Colin Aaronson/Jamie Barklem/ Daniel Bush Grant Thornton UK LLP +44 (0) 20 7383 5100
Nick Emerson SI Capital Ltd +44 (0)1483 413500
Lucy Williams / Duncan Vasey Peterhouse Corporate Finance Limited +44 (0) 20 7469 0932
Colin Rowbury Cornhill Capital Limited +44 (0) 20 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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