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23 Jun 2010 14:50
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Watermark Global plc
("Watermark" or the "Company")
Further re Proposed Placing
Further to the announcement made on 26 May 2010, the Board of Watermark is pleased to announce that it has placed up to an additional 27,272,727 new ordinary shares of 0.15p each in the capital of the Company ("Placing Shares") at 0.275 pence per share to raise up to an additional GBP75,000 before expenses for the Company. The additional placing funds will be settled in the second placing tranche as set out in the announcement of 26 May 2010.
The second tranche, is now expected to raise up to GBP394,913 and is subject, inter alia, to admission of 155,877,273 of the Placing Shares to AIM and also upon the approval of shareholders at the Company's AGM which is to be held on 30 June 2010. It is expected that admission of the second tranche of the Placing Shares will occur at 8.00 a.m. on 1 July 2010.
The Placing is not underwritten but, as agent for the Company, Cenkos Securities plc has conditionally placed the Placing Shares with certain institutional and other investors. Application has been or will be made to the London Stock Exchange for all of the Placing Shares to be admitted to trading on AIM. The Placing Shares will, when issued, rank pari passu in all respects with the Company's existing ordinary shares.
The proceeds of the Placing will provide working capital to fund the operations of the Company while it awaits confirmation from the South African Government concerning its acid mine drainage treatment project.
Watermark Global plc www.watermarkglobalplc.com
Charles Zorab, Investor Relations Tel: +44 (0) 20 7233 1462
Dirk Kotze, Chief Financial Officer Tel: +27 (0) 12 661 3602
Nominated Adviser: Cenkos Securities plc Tel: + 44 (0)20 7397 8900
Ian Soanes, Liz Bowman (Corporate)Joe Nally (Sales/ Broking)
Copyright Business Wire 2010
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