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29 Jun 2009 11:41
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NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND OR JAPAN
29Β June 2009
Mercator Gold plc
("Mercator Gold", "Mercator" or the "Company")
Placing ofΒ 42.5 millionΒ ordinary shares atΒ 2p per ordinary shareΒ with institutions to raise Β£850,000
MercatorΒ Gold plcΒ announcesΒ theΒ placing (the "Placing") ofΒ 42.5 millionΒ new ordinary shares of 0.01p each ("NewΒ Ordinary Shares") at a price ofΒ 2Β pence per share to raiseΒ Β£850,000Β before expenses.
Old Park Lane Capital plcΒ ("OPL")Β has been appointed as Joint BrokerΒ toΒ the Company andΒ acted for the Company in the Placing ofΒ theΒ NewΒ Ordinary Shares withΒ predominantlyΒ OPL'sΒ institutionalΒ and ultra high net worthΒ investors, whichΒ isΒ conditional upon, inter alia, admission of theΒ NewΒ Ordinary Shares to trading on AIM.Β
The Directors of Mercator have identified, and are in the early stages of the due diligence process required to evaluate, a number of potential acquisitions and it is intended that the proceeds of the Placing may allow the Company to pursue such opportunities as and when appropriate.
Certain Directors of the Company have participated in the Placing, and now have the following shareholdings in the Company:
|
Director |
Shares Purchased |
Shareholding |
Percentage of Enlarged Company |
|
Patrick Harford |
1,513.500 |
3,516,467 |
3.05 |
|
Michael Silver |
1,513,500 |
2,080,043 |
1.81 |
In order to satisfy institutional requirements, the New Ordinary Shares will be issued and admitted to AIM in three tranches.Β Application has been made for the admission ofΒ 17,625,000Β NewΒ Ordinary Shares toΒ AIM effectiveΒ 2 July 2009.Β Application will be made for 17,375,000 New Ordinary Shares to be admitted to AIM onΒ 13 July 2009Β and 7,500,000 New Ordinary Shares are expected to be admitted to AIM onΒ 27 July 2009.Β TheΒ New Ordinary Shares will rank pari passu in all respects with the existing Ordinary Shares currently traded on AIM. FollowingΒ the thirdΒ admission there will beΒ 115,174,911Β Ordinary Shares in issue.
Additionally,Β managementΒ hasΒ securedΒ aΒ buyer for the purchase ofΒ anΒ existingΒ 7,998,268 shares forΒ Β£159,965.36.
Patrick Harford, Managing Director of Mercator Gold, commented: "We are very encouraged by the continued support of our existingΒ shareholdersΒ and we welcome our newΒ investors in this Placing, which provides the Company with the financial flexibility toΒ pursue new projects of merit."
For further information contact:
Mercator Gold plcΒ
Michael Silver, Chairman
Patrick Harford, Managing DirectorΒ Tel: +44 (0) 20 7929 1010
Email:Β info@mercatorgold.comΒ
Website: www.mercatorgold.com
Old Park Lane Capital PLC
MichaelΒ Parnes, Chief Executive Tel: +44 (0) 20 7493 8188
Email:Β info@oldplc.com
Website: www.oldplc.com
Bankside Consultants Ltd Tel: +44 (0) 20 7367 8888
Simon Rothschild
Oliver Winters
Cenkos Securities plc Tel: +44 (0) 7397 8900
Adrian Hargrave
Beth McKiernan
AIM: MCR
Old Park Lane Capital plc ("OPL"), which is authorised and regulated in the United Kingdom by The Financial Services Authority, is acting exclusively for the Company as, joint broker and placing agent in connection with the Placing. OPL is not acting for any other person and will not be responsible to anyone other than the Company for providing the protections afforded to clients of OPL or for advising any other person in relation to the Placing The new Ordinary Shares have not been, nor will be, registered under the United States Securities Act of 1933 (as amended) or under the securities legislation of any state of the United States of America or of any province or territory of Canada, Australia, Japan, the Republic of Ireland or the Republic of South Africa. There will be no public offering of the new Ordinary Shares in the United States. Subject to certain exceptions, the new Ordinary Shares may not be directly or indirectly offered, sold, transferred, taken up or delivered in, into or from the United States, Canada, Australia, Japan, the Republic of Ireland or the Republic of South Africa or their respective territories or possessions. This announcement does not constitute an offer to sell or issue or the solicitation of an offer to buy new Ordinary Shares in any jurisdiction in which such offer or solicitation is unlawful. Accordingly, copies of this announcement are not being and must not be mailed or otherwise distributed or sent in or into or from the United States, Canada, Australia, Japan, the Republic of Ireland or the Republic of South Africa and any person receiving this announcement (including custodians, nominees and trustees) must not distribute or send it in or into or from the United States, Canada, Australia, Japan, the Republic of Ireland or the Republic of South Africa. This announcement has not been approved by Cenkos or OPL for the purposes of section 21 of the Financial Services and Markets Act 2000. This announcement has not been examined or approved by The Financial Services Authority or the London Stock Exchange or any other regulatory authority.
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