Arkle Res Regulatory News (ARK)

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:

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:

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM: