GoldBridges Global Resources PLC Completion of GBP11.96 million Placing (1617B)
February 28 2014 - 2:03AM
UK Regulatory
TIDMGBGR
RNS Number : 1617B
GoldBridges Global Resources PLC
28 February 2014
28 February 2014
GoldBridges Global Resources plc
("GoldBridges" or the "Company")
Completion of GBP11.96 million Placing
GoldBridges Global Resources plc (AIM: GBGR), the gold mining
and development company, is pleased to announce that it has
conditionally raised gross proceeds of approximately GBP11.96
million through a placing of 550,000,000 new Ordinary Shares of 0.1
pence each, at a price of 2.175 pence per Ordinary Share (the
"Placing Shares") (the "Placing"). The net proceeds of the Placing
will be used for general working capital purposes and will form
part of the funding to enable the Company to develop the
underground mine at Sekisovskoye in accordance with the Company's
business plan.
The Placing was completed, in part, by JSC Visor Capital
("Visor"), which placed a total of 162,545,857 shares with new
institutional investors. The balance of the Placing was subscribed
for by African Resources Limited, the Company's current 65.1 per
cent. shareholder, and Blackwill Trade Limited, the Company's
current 5.3 per cent. shareholder, demonstrating their ongoing
support for the Company and its strategy.
In accordance with the announcement dated 24 December 2013, the
Placing has not lead to either African Resources Limited or
Blackwill Trade Limited increasing their respective percentage
stakes in the Company. African Resources Limited will hold a total
of 1,440,076,040 Ordinary Shares in the Company following the
Placing, representing 65.1 per cent. of the Company's issued share
capital following the Placing, and Blackwill Trade Limited will
hold a total of 117,730,632 Ordinary Shares in the Company,
representing 5.3 per cent. of the Company's issued share capital
following the Placing.
Details of the Placing
Application has been made for the Placing Shares, which will
rank pari passu in all respects with the existing Ordinary Shares
of the Company, to be admitted to trading on AIM, which is expected
to be effective from 8.00 a.m. on 5 March 2014 ("Admission").
The Placing is conditional, inter alia, upon Admission becoming
effective by no later than 8.00 a.m. on 5 March 2014 or such later
date, being not later than 8.00 a.m. on 19 March 2014, as
GoldBridges, Visor, African Resources Limited and Blackwill Trade
Limited may agree.
Related Party Transaction
African Resources Limited is beneficially owned by certain
members of the Assaubayev family, including Kanat Assaubayev and
Aidar Assaubayev, both directors of GoldBridges.
Accordingly, the subscription by African Resources Limited for
358,172,447 Placing Shares constitutes a related party transaction
in accordance with the AIM Rules for Companies. The independent
directors consider, having consulted with the Company's nominated
adviser, Strand Hanson Limited, that the terms on which the Placing
Shares are proposed to be issued to African Resources Limited are
fair and reasonable insofar as shareholders of GoldBridges are
concerned.
Total Voting Rights
The total number of voting rights in the Company following the
Placing will be 2,211,342,130. This figure may be used by
shareholders in the Company as the denominator for the calculations
by which they will determine if they are required to notify their
interest in, or a change in their interest in, the share capital of
the Company under the FCA's Disclosure and Transparency Rules. The
Company has no Ordinary Shares held in treasury.
For further information, please contact:
GoldBridges Global Resources plc +44 (0) 207 932
Rajinder Basra, FCA 2456
Strand Hanson (Nomad and Joint Broker)
Andrew Emmott
James Spinney +44 (0) 207 409
Ritchie Balmer 3494
+44 (0) 203 540
1720
Peat & Co. (Joint Broker) +44 (0) 203 540
John Beaumont, COO and Head of Research 1723
Blythe Weigh Communications (Financial PR)
Tim Blythe
Halimah Hussain +44 (0) 207 138
Camilla Horsfall 3204
This information is provided by RNS
The company news service from the London Stock Exchange
END
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