Acorn Minerals PLC Subscription (1652G)
03 August 2016 - 11:30PM
UK Regulatory
TIDMACO
RNS Number : 1652G
Acorn Minerals PLC
03 August 2016
3 August 2016
Acorn Minerals Plc (the "Company")
Subscription
The Company is pleased to announce that it has entered into
conditional agreements with a group of unconnected investors
introduced by Peterhouse Corporate Finance, pursuant to which such
investors will subscribe in cash for 16,517,778 new ordinary shares
in the capital of the Company (Subscription Shares) at 15p per
share (Subscription Price) to raise gross proceeds of
GBP2,477,666.70 (Subscriptions).
On issue, the Subscription Shares will represent 53.62% of the
issued share capital as enlarged by the Subscription Shares.
The Subscription Price stands at a 71.43% premium to the closing
middle market price of an ordinary share in the capital of the
Company on 2 August 2016, being the latest practical date before
the date of this announcement.
Completion is scheduled to take place on or before 30 September
2016 or such later date as the parties may agree. On completion the
existing directors will resign and be replaced by directors
nominated by the investors.
Completion of the Subscriptions is conditional upon:
-- evidence satisfactory to the investors as to the passage of
resolutions at a general meeting of the Company to authorise the
allotment and issue of the Subscription Shares;
-- evidence satisfactory to the investors of a prospectus
relating to the issue of the Subscription Shares having been
approved by the FCA; and
-- aggregate subscription monies being received by of not less
than GBP2,477,666.70 (such sum having been deposited prior to
exchange of the subscription agreements).
Further details will be provided in due course in a shareholder
circular and in the prospectus.
The information contained within this announcement is deemed to
constitute inside information under the Market Abuse Regulations
(EU) No. 596/2014. On the publication of this announcement, this
inside information is now considered to be in the public
domain.
Acorn Minerals Plc
Tel: +61 8 9322 5944
Anthony Brennan, Executive
Chairman
www.acornminerals.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
IOEPJMJTMBTMBRF
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