RE: Rns22 Jan 2020 10:08
Wed, 22nd Jan 2020 07:00
RNS Number : 5141A
Contango Holdings PLC
22 January 2020
Contango Holdings Plc / Index: LSE / Epic: CGO / Sector: Natural Resources
22 January 2020
Contango Holdings Plc
("Contango" or the "Company")
Conditional Oversubscribed Placing to raise £1.4 million
Acquisition Update
Contango Holdings Plc ("Contango" or the "Company"), a company formed to acquire a controlling interest in a company or business in the natural resources sector, is pleased to announce that it has raised £1.4 million (before expenses) through a conditional placing (the "Placing") of 28,000,000 New Ordinary Shares ("Placing Shares") of £0.01 each to new and existing investors at 5 pence per Placing Share.
Following the completion of the conditional Placing the Company now anticipates being in a position to shortly issue a final Prospectus subject to FCA approval setting out details of its previously announced purchase of the Lubu Coalfield ("Lubu" or the "Lubu Project") from Consolidated Growth Holdings ("CGH") (the "Transaction"). This will include a notice of General Meeting seeking shareholder approval of both the Placing and the Transaction. Upon the subsequent approval of both at the General Meeting, expected to be held in February 2020, the Placing will become unconditional and Contango will be readmitted to trading.
A further announcement setting out additional details of the Transaction and expected timetable to readmission to trading on the London Stock Exchange will be issued in the near term, along with the full Prospectus.
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