TIDMGCM
RNS Number : 8927W
GCM Resources PLC
17 November 2017
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO
CONSTITUTE INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE
MARKET ABUSE REGULATION (EU) NO. 596/2014. UPON THE PUBLICATION OF
THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE
IN THE PUBLIC DOMAIN.
NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES,
AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER
JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION
WOULD BE PROHIBITED BY ANY APPLICABLE LAW.
THIS ANNOUNCEMENT AMOUNTS TO A FINANCIAL PROMOTION FOR THE
PURPOSES OF SECTION 21 OF THE FINANCIAL SERVICES AND MARKETS ACT
2000 ("FSMA") AND HAS BEEN APPROVED BY DARWIN STRATEGIC LIMITED
WHICH IS AUTHORISED AND REGULATED BY THE FINANCIAL CONDUCT
AUTHORITY. PRIMARYBID LTD IS AN APPOINTED REPRESENTATIVE OF DARWIN
STRATEGIC LIMITED.
17 November 2017
GCM Resources plc
("GCM" or the "Company")
(AIM:GCM)
Institutionally Underwritten Offer to raise approximately GBP2
million via PrimaryBid
GCM Resources plc, a London based resource exploration and
development company, is pleased to announce a fully-underwritten
offer to raise approximately GBP2 million (before expenses) by the
issue and allotment by the Company of 5,813,953 new ordinary shares
of 10p each in the Company ("New Ordinary Shares") at an offer
price of 34.4p pence per New Ordinary Share, being a discount of 20
per cent to today's closing mid-price.
Importantly, the Company is pleased to provide private and other
investors the opportunity to participate in the Offer by applying
exclusively through the PrimaryBid.com platform.
The Company will use these funds to expand the Company's
activities as it progresses with the mine mouth power plant
proposal together with its strategic partner China Gezhouba Group
International Engineering Co. Ltd ("CGGC") and to support its
continuing operations and working capital requirements.
Highlights
-- Offer at 34.4 pence per New Ordinary Share (a discount of 20
per cent to the closing mid-price per Ordinary Share on 17 November
2017) to raise approximately GBP2 million (before expenses).
-- The Offer is fully underwritten by a financial institution.
-- Net proceeds of the Offer will be applied towards expanding
GCM's activities in pursuit of the mine mouth power plant proposal
together with its strategic partner CGGC and to support its
continuing operations and working capital requirements.
-- The Company values the continued support of its loyal
shareholders and is therefore opening this opportunity to
individual and institutional investors exclusively on
PrimaryBid.com before 5p.m. on 19 November 2017. PrimaryBid Limited
is acting as sole arranger for the Offer.
-- Private investors, including existing Company shareholders,
may participate in the Offer by visiting www.PrimaryBid.com and
following the prescribed steps.
-- Subscriptions under the Offer will be considered by the
Company on a "first come, first served" basis subject to
conditions.
For further information on PrimaryBid.com or the procedure for
applications under the Offer, visit www.PrimaryBid.com or call
PrimaryBid.com on +44 (0)20 7491 6519.
Datuk Michael Tang, Executive Chairman of GCM, commented:
"We are delighted to allow all investors, including our existing
longstanding shareholders, the opportunity to participate in this
offer. The funds raised will put GCM in a strong position to
further the mine mouth plant proposal in Northern Bangladesh
together with our strategic partner CGGC."
Introduction
The Company today announces an underwritten Offer to raise
approximately GBP2 million (before expenses) through the issue and
allotment by the Company of an aggregate of 5,813,953 new ordinary
shares of 10p each in the Company ("New Ordinary Shares") at an
offer price of 34.4 pence per New Ordinary Share.
The Company highly values its private investor base which has
supported the Company alongside institutional investors over
several years. Given the longstanding support of private
shareholders, the Company believes that it is appropriate to
provide private and other investors with the opportunity to
participate in this issue of New Ordinary Shares. The Company is
therefore making the Offer exclusively through PrimaryBid.com.
Private and other investors may participate in the Offer of New
Ordinary Shares on a "first come, first served" basis, exclusively
through PrimaryBid.com.
The Offer
Details of the Offer
The Company is raising approximately GBP2 million, before
expenses. 5,813,953 New Ordinary Shares are available pursuant to
the Offer at the Offer Price, payable in full on acceptance.
The Offer is offered under the exemptions against the need for a
prospectus allowed under the Prospectus Rules. As such, there is no
need for publication of a prospectus pursuant to the Prospectus
Rules, or for approval of the same by the Financial Conduct
Authority in its capacity as the UK Listing Authority.
The Offer is fully underwritten and is made available to
individual and institutional investors on the following basis.
-- Up to 5,813,953 New Ordinary Shares at the Offer Price to
raise approximately GBP2 million with a minimum subscription of
GBP1,000 per investor and open to shareholders and other investors
subscribing via PrimaryBid.com. This allocation will be filled on a
"first come, first served" basis.
-- The maximum investment amount for any investor is GBP100,000.
Any investment request over GBP100,000 will first require the
Company's consent and is subject to scale back.
-- The Company may, at its sole discretion (within the Company's
existing non pre-emptive permissions), elect to increase the total
number of New Ordinary Shares issued under the Offer.
For further details please refer to the PrimaryBid.com website
at www.PrimaryBid.com.
The terms and conditions on which the Offer is made, including
the procedure for application and payment for New Ordinary Shares,
is available to all persons who register with PrimaryBid.com. The
Offer is made on a "first come, first served" basis and scale back
of subscriptions (where necessary) will be made at the discretion
of PrimaryBid in consultation with the Company.
The New Ordinary Shares will be issued free of all liens,
charges and encumbrances and will, when issued and fully paid, rank
pari passu in all respects with the Company's existing Ordinary
Shares.
Application will be made to the London Stock Exchange plc for
the admission of the New Ordinary Shares to trading on AIM
("Admission"). It is expected that Admission will occur and that
dealings will commence at 8.00 a.m. on 24 November 2017 - at which
time it is also expected that the New Ordinary Shares will be
enabled for settlement in CREST.
The Offer is not being made into any Restricted Jurisdiction or
any other jurisdiction where it would be unlawful to do so.
Investors should make their own investigations into the merits
of an investment in the Company. Nothing in this announcement
amounts to a recommendation to invest in the Company or amounts to
investment, taxation or legal advice.
It should be noted that a subscription for New Ordinary Shares
and investment in the Company carries a number of risks. Investors
should consider the risk factors set out on PrimaryBid.com before
making a decision to subscribe for New Ordinary Shares. Investors
should take independent advice from a person experienced in
advising on investment in securities such as the New Ordinary
Shares if they are in any doubt.
Use of proceeds
The gross proceeds of the Offer will be approximately GBP2
million and it is proposed that such proceeds shall be used to
expand the Company's activities as it progresses with the mine
mouth power plant proposal together with its strategic partner CGGC
and to support its continuing operations and working capital
requirements.
Expected Timetable of Principal Events
Announcement of the Offer 17 November 2017
Closing of subscriptions 5:00 p.m. on 19 November
on PrimaryBid.com 2017
Announcement of result of 20 November 2017
the Offer
Admission and commencement 8:00 a.m. on 24 November
of dealings in the New Ordinary 2017
Shares on AIM
Definitions
"CREST" the relevant system (as
defined in the CREST Regulations)
in respect of which Euroclear
is the operator (as defined
in the CREST Regulations)
--------------------------- -----------------------------------
"Euroclear" Euroclear UK & Ireland
Limited
--------------------------- -----------------------------------
"Prospectus Rules" the Prospectus Rules made
in accordance with the
EU Prospectus Directive
2003/71/EC in relation
to offers of securities
to the public and the
admission of securities
to trading on a regulated
market
--------------------------- -----------------------------------
"Restricted Jurisdictions" United States of America,
Canada, Australia, Japan
and the Republic of South
Africa and any other jurisdiction
where the extension or
availability of the Offer
would breach any applicable
law
--------------------------- -----------------------------------
For further information:
GCM Resources plc Northland Capital Partners
James Hobson Ltd
Finance Director Nominated Adviser and
+44 (0) 20 7290 1630 Broker
info@gcmplc.com; www.gcmplc.com Tom Price
Matthew Johnson
+44 (0) 203 861 6625
PrimaryBid Limited
Dave Mutton
020 7491 6519
This information is provided by RNS
The company news service from the London Stock Exchange
END
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