Result of the Open Offer
(Thomson Reuters ONE) - Serabi Mining Plc ("Serabi" or the "Company") Result of the Open OfferOn 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. The Company alsoannounced that it had arranged an unsecured £300,000 convertible loanfacility (the "Convertible"), convertible into up to 20,000,000 NewOrdinary Shares at the Placing Price (excluding accrued interest). 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.As the Board considers it important that, where reasonablypracticable, Shareholders have an opportunity to participate in anyfundraising at the same price, on 17 November 2009 it was announcedthat the Board of Serabi proposed to raise up to £317,274 (beforeexpenses) by way of the Open Offer to be made to EligibleShareholders of up to 21,151,613 New Ordinary Shares at a price of1.5 pence per Offer Share. The Circular was sent to Shareholders on17 November 2009.The Open Offer closed at 3.00p.m. on 2 December 2009. Under the OpenOffer, valid applications were received from Eligible Shareholders inrespect of their Open Offer Entitlements for, inaggregate, 12,505,455 Offer Shares, representing approximately 59.12per cent. of the 21,151,613 Offer Shares offered pursuant to the OpenOffer. As a consequence, 8,646,158 Offer Shares wereavailable pursuant to the Excess Application Facility. Validapplications pursuant to the Excess Application Facility werereceived in respect of 35,022,756 Excess Shares, representingapproximately 405 per cent. of the Excess Sharesavailable. Accordingly, applications for Excess Shares under theExcess Application Facility have been scaled back as described in theCircular, at the discretion of the Directors in favour of smallerapplicants. In aggregate, 21,151,613 New Ordinary Shares were issuedpursuant to valid applications from Eligible Shareholders in respectof their Open Offer Entitlements and the Excess Application Facility.The Open Offer was not conditional on subscription in full of theOffer Shares.Application will be made to the London Stock Exchange for the NewOrdinary Shares to be admitted to trading on AIM. It is expected thatAdmission will become effective and that dealings in the New OrdinaryShares will commence on AIM at 8.00 a.m. on 9 December 2009. TheEnlarged Issued Share Capital of Serabi following Admission will be317,274,196 Ordinary Shares in aggregate. The New Ordinary Shareswill, when issued and fully paid, rank pari passu in all respectswith the Existing Ordinary Shares including the right to receive alldividends and other distributions declared, made or paid after thedate of their issue.Mike Hodgson, Chief Executive, commented:"The Open Offer enabled our smaller Shareholders to participate inthe Company's recent financing and we are delighted that so many tookadvantage of this facility."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 107This announcement is for information only and shall not constitute anoffer to buy, sell, issue, or subscribe for, or the solicitation ofan offer to buy, sell or issue, or subscribe for any securities, norshall there be any sale of securities in any jurisdiction in whichsuch offer, solicitation or sale would be unlawful prior toregistration or qualification under the securities laws of any suchjurisdiction. This announcement has been issued by and is the soleresponsibility of Serabi. 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"Circular" the circular to Shareholders dated 17 November 2009 setting out the terms and conditions of the Open Offer"Company" or "Serabi" Serabi Mining Plc"Directors" or the "Board" the directors of the Company as at the date of this announcement"Eligible Shareholders" holders of Ordinary Shares entitled to receive the Open Offer in accordance with the terms of the Circular"Enlarged Issued Share the Ordinary Shares in issue on AdmissionCapital" comprising the Existing Ordinary Shares and the Offer Shares"Excess Application the facility to Eligible Shareholders toFacility" enable them to apply for New Ordinary Shares under the Open Offer in excess of their entitlement under the Open Offer"Excess Shares" any Offer Shares applied for by an Eligible Shareholder in excess of his Open Offer Entitlement"Existing Ordinary Shares" the existing Ordinary Shares of the Company in issue at the date of this announcement"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 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 Circular"Open Offer Entitlement" the entitlement to subscribe for Open Offer Shares allocated to an Eligible Shareholder pursuant to the Open Offer"Ordinary Shares" ordinary shares of 0.5 pence each in the capital of the Company"Placing Price" 1.5 pence per Ordinary Share"Shareholder" a holder of Ordinary Shares from time to time.ENDS---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 03.12.2009 - 13:08 Uhr
Sprache: Deutsch
News-ID 9225
Anzahl Zeichen: 0
contact information:
Town:
London
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 530 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Result of the Open Offer"
steht unter der journalistisch-redaktionellen Verantwortung von
Serabi Mining plc (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
