THE INFORMATION CONTAINED WITHIN
THIS ANNOUNCEMENT IS DEEMED BY IMC TO CONSTITUTE INSIDE INFORMATION
AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014,
AS AMENDED ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS
NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN. THE SHARE PLACING
DESCRIBED BELOW DOES NOT FORM PART OF A LARGER, ONGOING TRANSACTION
AND, ACCORDINGLY, FURTHER DISCLOSURE UNDER ARTICLE 17 OF MAR IS NOT
REQUIRED.
IMC EXPLORATION
GROUP PLC
(“IMC” or the “Company”)
SHARE PLACING and ISSUE of SHARES in LIEU of FEES
The Board of IMC is pleased to
announce that it has raised £150,000 (one hundred and fifty thousand pounds Sterling) before expenses
by way of a placing (the “Placing”) of 15,000,000 (fifteen million)
new ordinary shares of €0.001 each ("Shares") in the Company at a
price of 1 penny per share for cash (the “Placing Shares”),
conditional only upon admission of the Placing Shares to the
Official List of the FCA and to trading on the regulated market of
the London Stock Exchange (“Admission”) of the Placing Shares.
Additionally, the Company has resolved to allot to third parties
2,731,706 Shares at the same price (the “Fee Shares”), in
satisfaction of professional fees owed by the Company. Alongside
each Placing Share will be issued a warrant to subscribe for one
further Share at a price of 1p per Share, exercisable for one year
from the date of issue (“Warrant”). There is no intention to make
application for admission to trading on any public market of the
15,000,000 Warrants being issued with the Placing Shares.
The Placing Shares and the Fee Shares will rank in all
respects pari passu with the existing Shares, of which 265,014,285
are in issue. Application is being made for Admission of all
17,731,706 Shares comprising the Placing Shares and the Fee Shares,
which is expected to occur on or about 23rd
August 2019. The total number of Shares in issue following
the Placing and issuance of the Fee Shares will be 282,745,991
(previously 265,014,285).
The net proceeds of the Placing will
be applied to general working capital purposes, including
acceleration of IMC’s exploration and geological work on its spoils
and tailings project in Avoca, Co.
Wicklow, Ireland. The Directors note the gold price has
recently surpassed $1,500 per troy
ounce for the first time in over six years. This is good news
for IMC and, in particular, bodes well for its gold, spoils and
tailings project in Avoca, Co.
Wicklow.
Eamon P. O’Brien,
Executive Chairman,
Dublin, 20th August 2019
The Directors of IMC, after due and careful enquiry, accept
responsibility for the contents of this announcement.
REGULATORY ANNOUNCEMENT ENDS.
Contact Details:
Kathryn Byrne: +353 85 233 6033
IMC Exploration Group plc
Graham Atthill-Beck: +44 20 7464
4091/+971 50 856 9408 /
Graham.Atthill-Beck@kbrl.co.uk
Brinsley Holman: +44 20 7464 4098 /
Brinsley.Holman@kbrl.co.uk
Keith, Bayley, Rogers & Co. Limited