Onzima Ventures PLC Investment
12 July 2016 - 9:36PM
UK Regulatory
TIDMONZ
Onzima Ventures PLC
("Onzima" or the "Company")
Investment in Kolar Gold Limited
Onzima is pleased to announce that it has participated in the conditional
fundraising by Kolar Gold Limited (LON: KGLD) ("Kolar Gold").
Highlights:
* Transaction subject to Kolar Gold shareholder approval at Extraordinary
General Meeting to be held on 27 July 2016;
* Onzima to invest GBP30,000 in cash to acquire 2,727,273 new ordinary shares
in Kolar Gold at a price of 1.1p per new ordinary share (equivalent to
approximately 1.4% of the enlarged issued share capital of Kolar Gold);
* Onzima to also receive 2,727,273 warrants to acquire new ordinary shares in
Kolar Gold at an exercise price of 2.2p per new ordinary share with 30
month life;
* Board restructuring proposed at Kolar Gold - Cameron Parry, currently CEO
of Metal Tiger plc to take up the position of CEO of Kolar Gold, subject to
the passing of the resolutions at the Kolar Gold GM to be held on 27 July
2016. Luke Cairns, non-executive Director of Onzima ventures plc, to join
as the other Executive Director of Kolar Gold. Harvinder Hungin to remain
Non-Executive Chairman, Steven Oke to remain Non-Executive Director and
Vaidyanathan Sivakumar to step down as Non-executive director; and
* New board of Kolar Gold plan an immediate operational review covering
existing exploration interests and various acquisition opportunities.
Gavin Burnell, Chief Executive Officer of Onzima commented "We are pleased to
support the fundraising, board and strategy changes at Kolar Gold which
provides Onzima with good upside exposure for its investment".
For further information please contact:
Onzima Ventures PLC Tel: +44
(0) 1732 366 561
Gavin Burnell, Luke Cairns
Nominated Adviser
Cairn Financial Advisers LLP Tel: +44
(0) 20 7148 7900
Sandy Jamieson, Liam Murray
Broker
Peterhouse Corporate Finance Limited Tel: +44 (0)
20 7469 0930
Guy Miller, Lucy Williams
Note: This announcement contains inside information which is disclosed in
accordance with the Market Abuse Regulation.
END
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