RNS - 108,246,025 new Common Shares29 Aug 2019 15:46
“Richland (AIM: RLD), the Australian sapphire producer and gemstones developer, announces, further to its final results announcement of 28 June 2019, the conversion by a Director and senior management of an aggregate amount of £70,360 (comprising US$86,250 at the USD:GBP exchange rate of 1.22584 on 28 August 2019) of unpaid fees accrued for periods up to 30 June 2019 into new common shares of US$0.0003 each in the capital of the Company ("Common Shares") (the "Fee Conversions"). Pursuant to the Fee Conversions, the Company is today issuing, in aggregate, 108,246,025 new Common Shares (the "Conversion Shares") at an issue price of 0.065 pence per share (the "Conversion Price"), being the Company's closing mid-market share price on 28 August 2019 and representing a premium of approximately 3.17% to the placing price of 0.063 pence per share for the Company's last equity fundraising of 4 July 2019.
The Fee Conversions will assist the Company in conserving its cash resources whilst it seeks to: i) complete the previously announced disposal of its wholly owned Capricorn Sapphire Project to Fura Gems Inc ("Fura"), which is listed on the TSX Venture Exchange (the "Fura Transaction") and ii) thereafter, identify and evaluate suitable reverse takeover opportunities in the mining sector.”