Last checked at 27 Mar 2020 07:00
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
27 March 2020
Arkle Resources PLC
("Arkle" or the "Company")
Conditional Placing to Raise £252,000
Arkle Resources PLC (LON: ARK), the Irish gold and zinc exploration and development company, is pleased to announce that it has undertaken a conditional placing with existing investors to raise £252,000 via the issue of 50,400,000 new ordinary shares (the "Placing Shares"), at a placing price of 0.5p per Placing Share (the "Placing Price").
Each Placing Share has one warrant attached with the right to subscribe for one new ordinary share at 0.5p per new ordinary share for a period of two years (the "Placing Warrants").
As the Placing Price is lower than the current nominal value of the Company's existing ordinary shares ("Existing Ordinary Shares"), being €0.01 (1 euro cent) each, the Company will shortly be convening an extraordinary general meeting ("EGM"), to be held on 22 April 2020, at which it will be proposed that each of the Existing Ordinary Shares be sub-divided into one New Ordinary Share with a nominal value of €0.0025 and one Deferred Share with a nominal value of €0.0075 (the "Share Capital Reorganisation").
The Deferred Shares will have no value or voting rights and they will not be admitted to trading on AIM. Following the Share Capital Reorganisation, there will be the same number of New Ordinary Shares in issue as there are Existing Ordinary Shares.
An announcement providing details of the EGM and containing further information regarding the Share Capital Reorganisation will be made in due course.
The funds raised are expected to provide working capital sufficient for requirements for the remainder of 2020 as well as maintaining ongoing exploration activities.
Directors' Holdings
Certain directors of the Company have participated in the conditional placing as follows:
Name | No. of Placing Shares Issued | Resultant Shareholding | % of Enlarged Share Capital |
James Finn | 2,500,000 | 11,563,527 | 6.33 |
David Cockbill | 2,000,000 | 2,935,408 | 1.61 |
Patrick Cullen | 2,000,000 | 2,800,000 | 1.53 |
Related Party Transaction
The subscription for Placing Shares and Placing Warrants by James Finn, David Cockbill and Patrick Cullen (the "Directors' Participation") is a related party transaction under the AIM Rules for Companies. John Teeling, who is an independent director for the purposes of the transaction, having consulted with the Company's Nominated Adviser, SP Angel Corporate Finance LLP, considers the terms of the Directors' Participation to be fair and reasonable insofar as shareholders are concerned.
Admission and Total Voting Rights
An application will be made for the admission of the Placing Shares to trading on AIM ("Admission"). Assuming the resolutions are passed at the EGM, Admission is expected to occur on or around 23 April 2020.
Following Admission, there will be a total of 182,711,593 ordinary shares in issue with each ordinary share carrying the right to one vote. This 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 change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.
ENDS
Enquiries:
Arkle Resources PLC | ||
John Teeling, Chairman | +353 (0) 1 833 2833 | |
Patrick Cullen, CEO | +353 (0) 87 272 1748 | |
+44 (0) 755 237 8208 | ||
SP Angel Corporate Finance LLP | ||
Matthew Johnson/Soltan Tagiev | +44 (0) 203 470 0470 | |
First Equity Limited | ||
Jason Robertson | +44 (0) 207 374 2212 | |
Blytheweigh | +44 (0) 207 138 3204 | |
Megan Ray | ||
Teneo |
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Luke Hogg | +353 (0) 1 661 4055 | |
Alan Tyrrell | +353 (0) 1 661 4055 | |
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM:
1 | Details of the persons discharging managerial responsibilities I persons closely associated | |||||
a) | Names | 1. James Finn 2. David Cockbill 3. Patrick Cullen
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2 | Reason for the notification | |||||
a) | Position/status | 1. Financial Director/Company Secretary 2. Non-Executive Director 3. CEO
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b) | Initial notification /Amendment | Initial notification | ||||
3 | Details of the issuer | |||||
a) | Name | Arkle Resources PLC | ||||
b) | LEI | 213800CTOO8MOLMNEQ44 | ||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrument
| Ordinary Shares of €0.01 each, where each share is accompanied by one warrant. | ||||
Identification code | ISIN for Ordinary Shares: IE00B2357X72 | |||||
b) | Nature of the transaction | Share purchase - subscription for new ordinary shares | ||||
c) | Price(s) and volume(s) |
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d) | Aggregated information - Aggregated volume - Price
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e) | Date of the transaction | 26 March 2020 | ||||
f) | Place of the transaction | Off-market
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