Richland Resources Ltd Equity Fundraising of £150,000 (5146Z)
13 Gennaio 2020 - 8:00AM
UK Regulatory
TIDMRLD
RNS Number : 5146Z
Richland Resources Ltd
13 January 2020
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR
JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
BREACH OF THE RELEVANT SECURITIES LAWS OF SUCH JURISDICTION.
This announcement does not constitute a prospectus or offering
memorandum or an offer in respect of any securities and is not
intended to provide the basis for any investment decision in
respect of Richland Resources Ltd or other evaluation of any
securities of Richland Resources Ltd or any other entity and should
not be considered as a recommendation that any investor should
subscribe for or purchase any such securities.
13 January 2020
Richland Resources Ltd
("Richland" or the "Company")
Equity Fundraising of approximately GBP150,000 gross
Richland (AIM: RLD) is pleased to announce that the Company has
conditionally raised, in aggregate, approximately GBP150,000
(before expenses) through a placing of 105,000,000 new common
shares of US$0.0003 each in the capital of the Company ("Common
Shares") (the "Placing Shares") (the "Placing") with certain new
investors at an issue price of 0.10 pence per Placing Share (the
"Issue Price") and a subscription for a further 45,000,000 new
Common Shares (the "Subscription Shares") by a new investor also at
the Issue Price (the "Subscription") (the Placing and Subscription
together being the "Equity Fundraising").
Details of the Equity Fundraising
The Placing was arranged via Peterhouse Capital Limited
("Peterhouse") as agent of the Company. Pursuant to the Placing and
Subscription, in aggregate, 150,000,000 new Common Shares will be
issued at the Issue Price to certain new investors. The Issue Price
represents a discount of approximately 5 per cent. to the closing
price of a Common Share of 0.105 pence on 9 January 2020, which was
used to set the Issue Price, and a discount of approximately 31 per
cent. to the closing middle market price of a Common Share of 0.145
pence on 10 January 2020, being the latest practicable business day
prior to this announcement.
Peterhouse are due 5 per cent. commission on the gross proceeds
of the Placing and 1 per cent. commission on the gross proceeds of
the Subscription which it has agreed will be settled by the issue
of 5,700,000 new Common Shares to Peterhouse (the "Commission
Shares"). In addition, Peterhouse has agreed that its initial six
monthly retainer fee for 2020 will be settled by the issue to it of
a further 10,000,000 new Common Shares at the Issue Price (the
"Broker Fee Shares").
The Equity Fundraising is conditional upon admission of the
Placing Shares and Subscription Shares to trading on AIM
("Admission").
The Placing Shares and Subscription Shares (together, the
"Equity Fundraising Shares") represent, in aggregate, approximately
14.64 per cent. of the Company's enlarged issued share capital (as
enlarged by the Equity Fundraising Shares, the Commission Shares
and the Broker Fee Shares). The Equity Fundraising Shares,
Commission Shares and Broker Fee Shares will rank pari passu in all
respects with the Company's existing Common Shares and will be
issued fully paid.
Admission to trading
Application will be made to the London Stock Exchange for
Admission of the abovementioned new Common Shares and it is
expected that Admission will become effective and that dealings in
the Equity Fundraising Shares, Commission Shares and Broker Fee
Shares (together, the "New Shares") will commence at 8.00 a.m. on
16 January 2020. Following Admission, the Company will have
1,024,839,558 Common Shares with voting rights in issue and holds a
further 7,275,000 Common Shares in treasury.
Use of Proceeds
As previously announced on 2 January 2020, the Company is
currently an AIM Rule 15 cash shell and, as such, is required to
complete a reverse takeover under AIM Rule 14 or otherwise seek
re-admission to trading on AIM as an investing company pursuant to
AIM Rule 8 by 30 June 2020. Accordingly, the Company is seeking to
identify a suitable reverse takeover transaction in the mining
sector and the net proceeds from the Equity Fundraising will be
utilised to provide the Company with additional general working
capital and to satisfy the costs and expenses associated with
pursuing such a transaction. However, there can be no guarantee
that the Company will be able to secure a suitable reverse takeover
transaction and subsequently be re-admitted to AIM.
For further information, please contact:
Anthony Brooke Edward Nealon Mike Allardice
Chief Executive Officer Chairman Group Company Secretary
+66 81 854 1755 +61 409 969 955 +852 91 864 854
Nominated Adviser Broker
Strand Hanson Limited Peterhouse Capital Limited
James Harris Duncan Vasey / Lucy Williams
Matthew Chandler (Broking)
James Bellman Eran Zucker (Corporate
+44 (0) 20 7409 3494 Finance)
+44 (0) 20 7469 0930
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014.
Note to Editors:
Further information is available on the Company's website:
www.richlandresourcesltd.com. Neither the contents of the Company's
website nor the contents of any website accessible from hyperlinks
on the Company's website (or any other website) is incorporated
into, or forms part of, this announcement.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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January 13, 2020 02:00 ET (07:00 GMT)
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