28 Nov 2018 17:16
Cradle Arc Plc / EPIC: CRA.L / Market: AIM / Sector: Mining
28 November 2018
Cradle Arc plc
("Cradle Arc" or the "Company")
Conversion of Loan Notes & Total Voting Rights
Cradle Arc (AIM:CRA), the African focused base and precious metals exploration and production company, announces that a holder (the "Noteholder") of certain of the outstanding convertible loan notes issued by the Company on 16 January 2017 (the "Notes") has elected to convert certain of its holding of Notes into new ordinary shares of £0.0001 each in the capital of the Company ("Ordinary Shares") under the terms of such Notes.
Accordingly, 10,666,666 new Ordinary Shares (the "Conversion Shares") have been issued to the Noteholder at a price of £0.0046875 per share, in accordance with the terms of the Notes and date of the conversion notice received by the Company.
Application for Trading on AIM and Total Voting Rights
Application will be made to the London Stock Exchange plc for admission of the Conversion Shares to trading on AIM, with such admission expected to become effective and dealings commence at 8.00 a.m. on or around 5 December 2018. Following admission, the share capital of the Company will comprise 352,905,511 Ordinary Shares and, accordingly, the total number of voting rights will be 352,905,511.
The Company does not currently hold any Ordinary Shares in treasury. Accordingly, the above figure of 352,905,511 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 to their interest in, Cradle Arc under the FCA's Disclosure Guidance and Transparency Rules.
**ENDS**
For further information on the Company, please visit www.cradlearc.com or contact:
Cradle Arc plc Kevin van Wouw Mark Jones | Tel: +44 (0)20 7637 5216 |
Strand Hanson Limited James Spinney Matthew Chandler James Dance |
Tel: +44 (0)20 7409 3494 |
SP Angel Corporate Finance LLP Ewan Leggat John Meyer
|
Tel: +44 (0)20 3470 0470 |
Tavistock Communications Limited Charles Vivian Gareth Tredway |
Tel: +44 (0)20 7920 3150 |
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
About Cradle Arc
AIM-quoted Cradle Arc plc is the 60 per cent. owner of the Mowana copper mine in Botswana, an operational open pit mine and processing facility located in the north-east of the country, approximately 120 km northwest of Francistown.
The Company has an independent open pit ore reserve estimate (Proved and Probable JORC 2012) of 31.8 Mt at 1.17% Cu for 370,800 tonnes contained copper, based on a Dense Media Separation (DMS) mine plan.