Announcement of Open Offer
(Thomson Reuters ONE) - For immediate release 17 November 2009 Serabi Mining Plc ("Serabi" or the "Company") Open Offer of up to 21,151,613 Ordinary Shares at 1.5 pence per Ordinary Share on the basis of 1 Offer Share for every existing 14 Ordinary SharesHighlights * Open Offer of up to 21,151,613 Ordinary Shares at 1.5p per Ordinary Share. * Open Offer will raise up to £317,274 (before expenses) - the Open Offer is not underwritten. * Funding will be used to undertake follow-up exploration around Palito. OPEN OFFER STATISTICS*Open Offer Price per Offer Share 1.5 penceNumber of Existing Ordinary Shares 296,122,583Number of Offer Shares to be issued pursuant to the 21,151,613Open OfferProceeds of the Open Offer (before expenses) £317,274Enlarged Ordinary Shares in issue at Admission 317,274,196Percentage of the Enlarged Share Capital represented by 6.7 per cent.the Offer Shares* Assuming full take up of entitlements under the Open Offer.Mike Hodgson, Chief Executive, commented:"We are delighted to have completed the placing announced last weekand the Open Offer will enable our smaller shareholders toparticipate in the Company's financing at the placing price."Enquiries:Serabi Mining plcClive Line, Finance Director Tel: 020 7246 6830 Mobile: 07710 151 692Website: www.serabimining.comBeaumont Cornish Limited (Nominated Adviser)Roland Cornish / Michael Cornish Tel: 020 7628 3396Farm Street CommunicationsSimon Robinson Tel: 07593 340 107 17 November 2009 Serabi Mining Plc ("Serabi" or the "Company") Open Offer of up to 21,151,613 Ordinary Shares at 1.5 pence per Ordinary Share on the basis of 1 Offer Share for every existing 14 Ordinary Shares1. IntroductionOn 10 November 2009 the Board of Serabi announced that the Companyhad placed in aggregate 144,534,500 Ordinary Shares at a price of 1.5pence per Ordinary Share to raise £2,168,017 (before expenses) tofund the Company's next stage of exploration at the Palito mine. ThePlacing was completed on 16 November 2009.In addition, the Company issued 5,054,551 Ordinary Shares to certainsuppliers and consultants in satisfaction of outstanding liabilitiesof £77,503 and 6,394,467 Ordinary Shares to the Directors insettlement of accrued but unpaid remuneration and benefits under theterms of their existing service contracts amounting to £95,917 at thePlacing Price.2. Details of the Open OfferThe Board considers it important that, where reasonably practicable,Shareholders have an opportunity to participate in the fundraising atthe Placing Price. Accordingly, the Board proposes to raise up to£317,274 (before expenses) by way of an open offer to be made toEligible Shareholders of up to 21,151,163 New Ordinary Shares at thePlacing Price. The Open Offer is not underwritten.In the event that the Open Offer is over-subscribed the applicationswill be scaled back at the discretion of the Directors. Inparticular, in the event that any Eligible Shareholder applies for aproportionately larger number of Offer Shares compared to otherapplicants that Eligible Shareholder's application will be scaledback so as to allow the smaller applicants to participate. To theextent that Offer Shares are not subscribed for by ExistingShareholders, the Company reserves the right to offer such shares tothird parties.The Offer Price represents a discount of 25 per cent. to the ClosingPrice of 2 pence per Existing Ordinary Share on 16 November 2009,being the last dealing day prior to the publication of thisannouncement.The Offer Shares will, when issued and fully paid, rank pari passu inall respects with the Existing Ordinary Shares including the right toreceive all dividends and other distributions declared, made or paidafter the date of their issue.The Open Offer closes at 3.00 p.m. on Monday 2 December 2009.Application will be made to the London Stock Exchange for the OfferShares to be admitted to trading on AIM. It is expected thatAdmission will become effective and that dealings in the Offer Shareswill commence on AIM at 8.00 a.m. on 9 December 2009. A summarytimetable is set out in Appendix I.The Open Offer is subject to Admission becoming effective by no laterthan 8.00am on 16 December 2009 or such later time and/or date as theCompany may determine (but, in any event, not later than 23 December2009).The Open Offer is not conditional on subscription in full of theOffer Shares. If the Open Offer is not subscribed in full, theDirectors will allot and issue those Offer Shares for which validapplications have been received.An Eligible Shareholder's right to subscribe for the Offer Shares inrespect of the Open Offer is not tradeable.In connection with the Open Offer, the Company is today publishing aDocument containing full details, including the terms and conditions,of the Open Offer. The Document itself does not include anApplication Form to enable Eligible Shareholders to participate inthe Offer. Application Forms are personalised for each EligibleShareholder and have been sent, together with the Document by mailto each shareholder's address of record in the shareholdersregister as at 5.00 p.m. on 16 December 2009. For EligibleShareholders who hold shares in the Company through a nominee,the Application Form and Document will be sent to the nominee.3. Use of ProceedsAssuming full subscription under the Open Offer, the Open Offer willraise a further £317,274 (before expenses) payable by the Company.The Company intends to use the net proceeds of the Placing and Offer(amounting to approximately £2,326,291, assuming full subscriptionunder the Open Offer) to commence the first stage of exploration andfurther evaluation of the 18 prioritised anomalies identified withinthe surveyed area and to fund the general working capitalrequirements of the Group.Copies of the Document will be available from the Company's website(www.serabimining.com) free of charge in accordance with therequirements of Rule 26 of the AIM Rules.Enquiries:Serabi Mining plcClive Line, Finance Director Tel: 020 7246 6830 Mobile: 07710 151 692Website: www.serabimining.comBeaumont Cornish Limited (Nominated Adviser)Roland Cornish / Michael Cornish Tel: 020 7628 3396Farm Street CommunicationsSimon Robinson Tel: 07593 340 107Qualified Person's Statement:The technical information contained within this announcement has beenreviewed and verified by Michael Hodgson as required by the AIMGuidance Note on Mining, Oil and Gas Companies dated June 2009.Michael Hodgson is an Economic Geologist by training with 20 yearsexperience in the mining industry. He has a BSc (Hons) Geology,University of London, an MSc Mining Geology, University of Leicesterand is a Fellow of Institute of Materials, Minerals and Mining and aChartered Engineer of the Engineering Council of UK. Appendix I EXPECTED TIMETABLE OF PRINCIPAL EVENTSEvent Expected time / dateOpen Offer Record Date 5.00 p.m. on 16 November 2009Publication of the Document 17 November 2009Latest time and date for receipt of completed 3.00 p.m. on 2Application Forms and/or CREST Excess December 2009Application Form and payment in full under theOpen Offer or settlement of relevant CRESTinstruction (as appropriate)Admission effective and dealings commence on AIM 8.00 a.m. on 9 December 2009Crediting of Offer Shares to CREST accounts By 8.00 a.m. on 9 December 2009Despatch of definitive certificates for Offer By 17 December 2009SharesThe dates set out in the timetable of principal events above andmentioned throughout this announcement may be adjusted by theCompany, in which event the details will be notified to the LondonStock Exchange and, where appropriate, to Shareholders. DEFINITIONS"Admission" admission of the New Ordinary Shares to trading on AIM becoming effective in accordance with the AIM Rules"AIM" a market operated by the London Stock Exchange"Application Form" the application form to be used by Eligible Non-CREST shareholders in connection with the Open Offer"Beaumont Cornish" Beaumont Cornish Limited, the Company's nominated adviser and broker, a member of the London Stock Exchange and authorised and regulated by the Financial Services Authority"Company" or "Serabi" Serabi Mining Plc"CREST" the computerised settlement system operated by CRESTCo Limited to facilitate the transfer of title to shares in uncertificated form. The Relevant System (as defined in the CREST Regulations) in respect of which CRESTCo Limited is the Operator (as defined in the CREST Regulations)"CREST Excess Application the application form to be used by EligibleForm" CREST Shareholders in connection with the Open Offer"Directors" or the the directors of the Company, as at the"Board" date of this announcement"Document" the circular to Shareholders dated 17 November 2009 setting out the terms and conditions of the Open Offer"Eligible Shareholders" holders of Existing Ordinary Shares at the Open Offer Record Date with addresses for service within the United Kingdom (excluding for the avoidance of doubt the Channel Islands)"Existing Ordinary the existing Ordinary Shares of the CompanyShares" in issue at the date of this announcement"Group" the Company and its subsidiaries"London Stock Exchange" London Stock Exchange plc"New Ordinary Shares" the Ordinary Shares in the Company to be issued pursuant to the Open Offer"Offer Price" 1.5 pence for each Offer Share"Offer Shares" The 21,151,613 New Ordinary Shares which are to be made available for subscription by Eligible Shareholders under the Open Offer"Open Offer" the conditional offer to Eligible Shareholders to subscribe for the Offer Shares at the Offer Price being made by the Company on the terms set out in the Document"Open Offer Record Date" 5.00 p.m. on 16 November 2009"Ordinary Shares" ordinary shares of 0.5 pence each in the capital of the Company"Shareholder" a holder of Ordinary Shares from time to timeENDS---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 17.11.2009 - 08:01 Uhr
Sprache: Deutsch
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