NAPS Napster Group Plc

TIDMAVP

RNS Number : 1573V

Armstrong Ventures PLC

23 October 2014

Armstrong Ventures Plc

("Armstrong" or the "Company")

Board Appointment and Placing to raise GBP 330,000

Placing

Armstrong is pleased to announce that Peterhouse Corporate Finance Limited has raised GBP330,000 through the placing of 1,571,428,569 ordinary shares (the "Placing Shares") at a price of 0.021 pence per share (the "Placing"). The Directors intend to use the net proceeds of the Placing for investment and general working capital purposes.

The Placing is conditional upon admission of the Placing Shares to trading on AIM. Following admission, the Placing Shares will represent, in aggregate, approximately 42.7 per cent. of the Company's enlarged issued ordinary share capital.

Application has been made to the London Stock Exchange plc for the Placing Shares to be admitted to trading on AIM. It is expected that admission of the Placing Shares will become effective and that dealings in the Placing Shares will commence at 8.00 a.m. on 29 October 2014.

Following completion of the Placing, the total issued ordinary share capital of the Company will comprise 3,672,534,360 ordinary shares. The Placing Shares will be fully paid and will rank pari passu in all respects with the Company's existing ordinary shares.

Board Appointment

The Board is pleased to welcome Mr Peter Redmond to the Board of the Company as Executive Director, effective immediately. Peter is an experienced natural resource investor and corporate financier with over 30 years' experience in the SME investment market. He has gained particular experience in the field of reverse takeovers and mergers. Over many years he has acted on and assisted a wide range of companies to attain a listing, whether by IPO or reversals, across a wide range of sectors, ranging from technology through financial services to natural resources and, in recent years, has done so as a director of the companies concerned. He has reconstructed a number of AIM companies which have subsequently acquired or established operating businesses. Reverse transactions on which he has acted include Weatherly International PLC and IGas Energy PLC, in both cases acting as a director both before and after the reverse. Currently, Peter is Chairman of Pires Investments Plc and a director of Kennedy Ventures Plc, both of which are quoted on AIM.

Peter Redmond has invested GBP10,000 in the Placing and will therefore hold 47,619,047 shares in the Company, representing 1.3 per cent. of the enlarged share capital of the Company. Pires Investments Plc has invested GBP100,000 in the Placing and will be issued with 476,190,476 Placing Shares, representing 13.0 per cent. of the enlarged share capital of the Company.

-ENDS--

FOR FURTHER INFORMATION, PLEASE CONTACT:

 
 
 Armstrong Ventures Plc 
 Manish Kotecha                          Tel: +44(0) 116 242 
                                          4012 
 
 Cairn Financial Advisers LLP 
 Sandy Jamieson                          Tel: +44 (0) 207 148 
                                          7900 
 
 Peterhouse Corporate Finance Limited: 
 Lucy Williams/ Fungai Ndoro             Tel: +44 (0) 207 469 
                                          0935 
 

Appendix - AIM Rule 17 and Schedule Two paragraph (g) of the AIM Rules for Companies

Peter Redmond (aged 65)

 
Current Directorships / Partnerships  Past Directorships /Partnerships in 
                                       last 5 years 
Pires Investments plc                 Blenheim Energy Limited 
Kennedy Ventures plc                  Blenheim Wind and Biomass Limited 
Black Eagle plc                       Citypoint Investments plc 
Black Eagle Capital plc               Devonshire Wind Projects Limited 
Blenheim Wind (UK) plc                Fairday Enterprises Limited 
Catalyst Corporate Consultants        Fenchurch Capital Limited 
 Limited 
Cleeve Capital Limited                Stratus Holdings plc 
Energy Investment Opportunities       Synigence plc 
 Limited 
Mithril Opportunities Limited         Westover Wines plc 
Renewable Power & Light Limited       Fortfield Investments plc 
                                      04487961 Limited (formerly Merchant 
                                       Capital Limited) 
                                      DS Finance & Leasing Limited (formerly 
                                       Merchant House Finance Limited) 
                                      Leed Resources plc 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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