25 October 2019
Tri-Star Resources
plc ("Tri-Star" or the "Company")
Subscription
raises £316,000
Tri-Star Resources plc (AIM: TSTR), the minerals processing
company, is pleased to announce that it has raised £316,000 (before
expenses) by way of a subscription of 987,500 new ordinary shares
of 5p each in the capital of the Company ("New
Ordinary Shares") at a price of 32
pence each (the “Subscription”). The net
proceeds will be used for general working capital requirements.
625,000 of the New Ordinary Shares have been subscribed by
funds under the discretionary management of Odey Asset Management
LLP (“the Odey Funds”).
Following the Subscription, the Odey Funds will own 68,883,299
ordinary shares in the Company, representing approximately 72.38
per cent. of the Company’s total enlarged issued share capital.
As a substantial shareholder, the Subscription by the Odey
Funds is being treated as a related party transaction in accordance
with AIM Rule 13. Accordingly, David
Facey and Adrian Collins,
acting as the independent directors, consider, having consulted
with the Company’s nominated adviser, SP Angel Corporate Finance
LLP, that the terms of the Subscription are fair and reasonable
insofar as the Company’s shareholders are concerned.
Details of the Subscription
The Company has applied for admission of the 987,500 New
Ordinary Shares to trading on AIM. Dealings are expected to become
effective on or around 30 October
2019 ("Admission"). The New Ordinary Shares represent
approximately 1.04% of the total enlarged issued share capital.
Total Voting Rights
Following Admission, the Company will have 95,173,618 Ordinary
Shares in issue. The Company has no shares in treasury, therefore
the figure of 95,173,618 should be used by shareholders as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change of their
interest in, the share capital of the Company under the FCA's
Disclosure Guidance and Transparency Rules.
Certain information contained in this announcement
would have been deemed inside information for the purposes of
Article 7 of Regulation (EU) No. 596/2014 until the release of this
announcement.
**ENDS**
For further information please
visit www.tri-starresources.com or contact:
Tri-Star Resources plc
David Facey, CEO/ CFO |
c/o SBP
Tel: +44 (0)20 7236 1177 |
St Brides Partners (Financial PR)
Isabel de Salis / Beth Melluish |
Tel: +44 (0)20 7236 1177 |
SP Angel Corporate Finance (Nominated
Adviser)
Robert Wooldridge / Jeff Keating |
Tel: +44 (0)20 3470 0470 |
finnCap Ltd (Broker)
Scott Mathieson / Camille Gochez |
Tel: +44 (0)20 7220 0500 |
Notes to Editors:
Tri-Star’s principal interest is in an antimony and gold
production facility (the “SPMP Project”). The SPMP Project is based
in Sohar, Sultanate of Oman, and
is being developed by Strategic & Precious Metals Processing
LLC (“SPMP”), an Omani company in which Tri-Star has a 40% equity
interest.