4 Nov 2014 16:20
4 November 2014
AfriAg Plc
("AfriAg" or the "Company")
Placing
AfriAg Plc is pleased to announce that the Company has raised £300,000 before expenses through the subscription for 75 million new ordinary shares in the Company (the "Subscription Shares") at a price of 0.4 pence per Subscription Share (the "Subscription Price") to a number of placees (the "Subscription"). The Subscription is conditional only upon admission of the Subscription Shares to trading on AIM ("Admission").
David Lenigas, AfriAg's Chairman, commented:
"These new proceeds will strengthen the Company's balance sheet and provide additional working capital for the Company to fund expansion of AfriAg Marketing's African seafood business, which is currently seeing strong growth from Asia."
The Subscription Shares will represent 5.4% of the enlarged issued share capital of the Company. Application has been made for the Subscription Shares to be admitted to trading on AIM and it is anticipated that Admission will occur on 10 November 2014.
Following Admission, the Company's enlarged issued share capital will comprise 1,381,001,037 ordinary shares. The Company does not hold any shares in treasury. This figure of 1,381,001,037 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
For further information please contact:
AfriAg Plc David Lenigas Donald Strang
| +44 (0) 20 7440 0640
|
Cairn Financial Advisers LLP Nominated Adviser and Broker James Caithie / Jo Turner / Carolyn Sansom
| +44 (0) 20 7148 7900
|
Square Consulting Public Relations David Bick/Mark Longson
| +44 (0) 20 7929 5599
|