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Beacon Hill Resources Plc Announces Placing


Tuesday, 12 Mar 2013 12:40pm EDT 

Beacon Hill Resources Plc announced that further to the announcement of March 11, 2013, the Company has raised approximately USD21 million (approximately GBP14.1 million) through a placing of 464,122,967 new ordinary shares in the Company (Ordinary Shares) of 0.25p each (Placing Shares) (the Placing). The funds raised will be used to upgrade rail infrastructure including rail sidings, to commence the Phase 2B and 2C wash plant upgrades and for rail rolling stock related and general working capital purposes. he price per Placing Share was set at 3.0 pence (the Placing Price). This represents a discount of 22.6% to the closing price on 8 March 2013 being the latest practicable date prior to the announcement of the Placing. The number of Placing Shares represents approximately 41.6% of Beacon Hill's issued share capital prior to the Placing. The 464,122,967 new Ordinary Shares have been successfully placed with institutional investors by Canaccord Genuity Limited (Canaccord) and Renaissance Capital Limited (Renaissance) acting as joint bookrunners (Joint Bookrunners) following the completion of the bookbuild process and the finalising of allocations. Canaccord is also the broker and retained nominated adviser to Beacon Hill. 

Company Quote

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17 Dec 2014