30 Mar 2010 12:45
Alecto Energy plc / Index: AIM / Epic: ALO
30 March 2010
Alecto Energy plc ('Alecto' or the 'Company')
Placing of shares
Further to an announcement by the Company on 27 January 2010, which detailed plans by the Company to raise additional working capital, Alecto is pleased to announce that it has completed a placing of 53,125,000 new ordinary shares of 0.07 pence each (the "New Placing Shares") at a price of 0.32p per Placing Share, raising £170,000 for the Company (the "New Placing"). The New Placing Shares will represent 5.2% of the Company's enlarged issued ordinary share capital.
Alecto also announced on 27 January 2010 that the Company and Bulgarian Mining Corporation Ltd ("BMC") had entered into a non-binding memorandum of terms, which may result in Alecto making an investment in BMC. Alecto and BMC agreed a 90 day exclusivity period during which Alecto will perform due diligence on BMC. In consideration for the 90 day exclusivity period the Company agreed to issue 30,000,000 new ordinary shares of 0.07 pence each (the "Consideration Shares") at an issue price of 0.3p to the shareholders of BMC. The Consideration Shares are now being issued to the shareholders of BMC.
Alecto Executive Director Damian Conboy said, "We are pleased to have been able to complete this placing to provide the Company with additional working capital to be used in the continued implementation of our investing strategy. We have engaged SRK Exploration Services to perform a detailed analysis of the uranium exploration licences held by BMC and look forward to receiving these results before the end of April."
The issue of the New Placing Shares and the Consideration Shares have been carried out within the Company's current share authorities and application has been made for the 83,125,000 new ordinary shares (compromising the New Placing Shares and the Consideration Shares), which will be issued paid up and rank pari passu with all existing ordinary shares of 0.07 pence each, to be admitted to trading on AIM ('Admission'). It is expected that Admission will be effective on or around 7 April 2010.
The total enlarged issued share capital of Alecto following Admission will be 1,020,856,770 ordinary shares in the Company. The above figure may 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 to their interest in, the share capital of the Company under the Disclosure and Transparency Rules.
**ENDS**
For further information on the Company, visit: www.alectoenergy.com or contact:
| Damian Conboy | Alecto Energy plc | Tel: 020 3006 0260 |
| Greg Kuenzel | Alecto Energy plc | Tel: 020 3328 5670 |
| Nick Naylor | Allenby Capital Limited | Tel: 020 3328 5656 |
| Jamie Boyd | Allenby Capital Limited | Tel: 020 3328 5656 |