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Provider: GlobalData
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Provider: GlobalData
$125.00

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African Consolidated Resources plc Announces Subscription To Raise GBP7 Million


Monday, 4 Feb 2013 10:12am EST 

African Consolidated Resources plc announced that it has agreed a subscription of 170,000,000 new ordinary shares of 1p each in the Company (New Ordinary Shares) to raise gross proceeds of GBP7.0 million (the Subscription). The Subscription is not underwritten. The New Ordinary Shares are being wholly subscribed for by Brimfell Investment Holdings Limited (Brimfell). Brimfell is wholly owned by RAK Resources, which in turn is wholly owned by the Investment and Development Office of the Government of Ras Al Khaimah. The subscription price of 4.125 pence per New Ordinary Share, represents a premium of 17.9% to the price paid by Brimfell in the fundraising announced on January 21, 2013. Immediately following completion of the Subscription, it is expected that Brimfell will hold 236,180,000 ordinary shares, representing approximately 28.6% of the enlarged issued share capital of the Company. The net proceeds of the Subscription, in conjunction with the Company's existing cash resources of approximately GBP1.6 million, will be used to fund the advancement of the Company's key projects, particularly the Pickstone-Peerless Gold Project. It is anticipated that further funding will be required in Q4 2013 in order to complete the Company's plan to bring the Pickstone-Peerless Gold Project into production. 

Company Quote

1.075
0.0 +0.00%
19 Sep 2014