TIDMMAFL
RNS Number : 1974G
Mineral & Financial Invest. Limited
04 August 2016
MINERAL AND FINANCIAL INVESTMENT LIMITED
("MAFL" or the "Company")
COMPLETION OF PLACING
The Company is pleased to announce that it has successfully
completed, subject only to admission, a placing to raise
approximately GBP475,000 from the issue of 10,000,000 new ordinary
shares of 1.0p each ("New Ordinary Shares") at a price of 4.75p per
share (the "Placing"). This financing was priced at the bid price
of the market, as at the close of business on August 3, 2016.
Application has been made for the New Ordinary Shares to be
admitted to trading on AIM and dealings are expected to commence on
10 August 2016.
The funds raised from the Placing will be used to:
-- Fund current investment initiatives;
-- To have sufficient additional financial liquidity to pursue,
if appropriate, investment opportunities currently under review and
evaluation; and
-- For general and corporate purposes.
As part of the placing director and Chairman of MAFL, Mr Jacques
Vaillancourt has subscribed for 3,107,000 Ordinary Shares through
Mount Everest Finance SA, a company wholly owned and controlled by
Mr Vaillancourt.
Following a significant period of transition three years ago,
the management of MAFL engaged upon a strategy that has conserved
cash while securing positions in a series of strategic natural
resource assets. With progress within the Company's lead-zinc &
copper portfolio continuing, funds have now been raised to pursue
further value opportunities within the natural resources
sector.
The Board believes that as certain commodity prices are
strengthening MAFL offers cautious investors wishing to re-enter
the mining sector a sector-specific vehicle with an activist
focus.
Commenting today Jacques Vaillancourt, Chairman, of MAFL said;
"We believe we have had a successful twelve months, in challenging
markets, building our portfolio of assets. This fund raise will
provide further liquidity to our currently positive working capital
and healthy balance sheet. Our objective remains to work on behalf
of our shareholders cost effectively to build value from our
investments in the mining sector with a pro-active approach.
As the mining sector opens up I think there is a temptation for
many investors to rush back into individual stocks, but I believe
that the lessons of the last decade teach us that individual mining
boards would benefit from a more active representation from their
shareholders with regards to making key, corporate decisions. We
look to work constructively in partnership with mining companies. I
believe that currently the opportunities to build value in mining
are increasing and as a Board we believe it is time to expand our
portfolio of operations."
PLACING DETAILS
As Jacques Vaillancourt is a director of the Company, this
subscription is a Related Party Transaction under AIM Rule 13 of
the AIM Rules for Companies, and the directors of the Company,
having consulted with its Nominated Adviser, WH Ireland Limited,
consider that the terms of the subscription are fair and reasonable
insofar as its shareholders are concerned. Following the Placing,
Mount Everest Finance SA will hold 6,214,000 Ordinary Shares
representing 25.85% of the total issued share capital of the
Company.
In addition, the Company has also received notice that the
following shareholders now hold more than 3% of the issue share
capital of the Company:
MAFL SHARES
----------------------------------------------------
CURENTLY SUBSCRIBED PRO-FORMA % of MAFL
NAME HELD FOR POST ISSUE POST ISSUE
------------------ ----------- ----------- ------------ ------------
Mount Everest
Finance S.A.* 3,107,000 3,107,000 6,214,000 25.85%
Darija Hoffmann 531,000 1,269,000 1,800,000 7.5%
Immo & Gerardina
Fuhrmann 393,500 956,500 1,350,000 5.6%
Reinhard Illert 371,500 888,500 1,260,000 5.2%
Andres Epting 286,500 758,500 1,045,000 4.3%
* a company wholly owned by Jacques Vaillancourt.
For the purposes of the Financial Conduct Authority's Disclosure
and Transparency Rules ("DTRs"), the issued ordinary share capital
of the Company following Admission will consist of 24,034,562
Ordinary Shares, and this is the figure which may be used by
shareholders as the denominator for the calculations by which they
will determine whether they are required to notify their interests
in, or a change to their interest in, the Company under the
DTRs.
This announcement contains inside information which is disclosed
in accordance with the Market Abuse Regulations.
For more information:
Katy Mitchell, WH Ireland +44 161 832 2174
Laurence Read, Director +44 20 3289 9923
This information is provided by RNS
The company news service from the London Stock Exchange
END
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