Private Placement (0201P)
27 September 2011 - 10:30PM
UK Regulatory
TIDMEML
RNS Number : 0201P
Emerging Metals Limited
27 September 2011
For Immediate Release: 27 September 2011
Emerging Metals Limited
("EML" or the "Company")
Private Placement
Dealings by Directors
Further to the announcement made on 15 September 2011, EML is
pleased to announce that the Company has completed, subject only to
Admission, a private placement to parties (including certain EML
directors) raising gross proceeds of GBP2,000,000 through the issue
of 100,000,000 new ordinary shares at a price of 2p per share (the
"Placing").
The majority of the proceeds will be advanced to the Company's
37.23 per cent associated company Ferrum Resources Limited to fund
its on-going exploration programme in Sierra Leone. By loan
agreement dated 27 September 2011 the Company has advanced
GBP1,000,000 to Ferrum. The loan is secured against assets of
Ferrum and is (unless agreed otherwise in writing by the parties)
repayable together with interest (charged at a rate of 10 per cent.
per annum) on 23 March 2012.
Certain EML directors have participated in the Placing as set
out in the table below:-
Percentage of
Number of new Resultant holding enlarged share
Name shares of Ordinary Shares capital
Stephen Dattels* 17,000,000 38,820,313 8.44%
James Mellon** 20,000,000 51,333,493 11.15%
* - These shares are held by Regent Mercantile Holdings Limited,
a company itself owned by trustees of a trust under which Stephen
Dattels and members of his family may become beneficiaries and are
registered in the name of Goldman Sachs Securities (Nominees)
Limited.
** - The new shares are being subscribed by Galloway Limited
("Galloway"), bringing its total holding to 47,915,141 shares,
representing 10.41% of EML's enlarged issued share capital.
Galloway, whose directors include Denham Eke, is indirectly wholly
owned by the trustee of a settlement under which James Mellon has a
life interest. The balance of James Mellon's shareholding is held
in his own name.
EML's independent directors (excluding for these purposes
Messrs. Eke, Dattels and Mellon), consider the terms of the Placing
to be fair and reasonable insofar as EML's shareholders are
concerned, having consulted with the Company's nominated
adviser.
Following the Placing, the Company is aware of the following
persons who hold, directly or indirectly, voting rights
representing 3% or more of the enlarged issued share capital of the
Company to which voting rights are attached:
Number of Ordinary Percentage of enlarged
Name Shares share capital
Vidacos Nominees Limited 129,820,500 28.21%
James Mellon** 51,333,493 11.15%
Stephen Dattels* 38,820,313 8.44%
Mr Ronald Bruce Rowan 25,000,000 5.43%
Middlemarch Partners Limited 22,000,000 4.78%
Application will be made for the new ordinary shares, which rank
pari passu in all respects with the Company's existing ordinary
shares, to be admitted to trading on AIM which is expected to occur
no later than Monday 3 October 2011. Following the issue, the
Company's total issued ordinary share capital will be 460,187,559
Ordinary Shares.
For further information:
Emerging Metals Religare Capital Evolution GTH
Limited Markets Limited Securities Communications
Limited
Denham Eke Peter Romil Patel Toby Hall
Trevelyan-Clark Tim Redfern Christian Pickel
Emily Staples
+44 (0) 1624 +44 (0) 20 7444 +44 (0)20 7071 +44 (0) 20 3103
639396 0800 4300 3902
This information is provided by RNS
The company news service from the London Stock Exchange
END
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