23 Oct 2014 15:20
Armstrong Ventures Plc
("Armstrong" or the "Company")
Board Appointment and Placing to raise GBP 330,000
Placing
Armstrong is pleased to announce that Peterhouse Corporate Finance Limited has raised £330,000 through the placing of 1,571,428,569 ordinary shares (the "Placing Shares") at a price of 0.021 pence per share (the "Placing"). The Directors intend to use the net proceeds of the Placing for investment and general working capital purposes.
The Placing is conditional upon admission of the Placing Shares to trading on AIM. Following admission, the Placing Shares will represent, in aggregate, approximately 42.7 per cent. of the Company's enlarged issued ordinary share capital.
Application has been made to the London Stock Exchange plc for the Placing Shares to be admitted to trading on AIM. It is expected that admission of the Placing Shares will become effective and that dealings in the Placing Shares will commence at 8.00 a.m. on 29 October 2014.
Following completion of the Placing, the total issued ordinary share capital of the Company will comprise 3,672,534,360 ordinary shares. The Placing Shares will be fully paid and will rank pari passu in all respects with the Company's existing ordinary shares.
Board Appointment
The Board is pleased to welcome Mr Peter Redmond to the Board of the Company as Executive Director, effective immediately. Peter is an experienced natural resource investor and corporate financier with over 30 years' experience in the SME investment market. He has gained particular experience in the field of reverse takeovers and mergers. Over many years he has acted on and assisted a wide range of companies to attain a listing, whether by IPO or reversals, across a wide range of sectors, ranging from technology through financial services to natural resources and, in recent years, has done so as a director of the companies concerned. He has reconstructed a number of AIM companies which have subsequently acquired or established operating businesses. Reverse transactions on which he has acted include Weatherly International PLC and IGas Energy PLC, in both cases acting as a director both before and after the reverse. Currently, Peter is Chairman of Pires Investments Plc and a director of Kennedy Ventures Plc, both of which are quoted on AIM.
Peter Redmond has invested £10,000 in the Placing and will therefore hold 47,619,047 shares in the Company, representing 1.3 per cent. of the enlarged share capital of the Company. Pires Investments Plc has invested £100,000 in the Placing and will be issued with 476,190,476 Placing Shares, representing 13.0 per cent. of the enlarged share capital of the Company.
-ENDS--
FOR FURTHER INFORMATION, PLEASE CONTACT:
Armstrong Ventures Plc | ||
Manish Kotecha | Tel: +44(0) 116 242 4012 | |
Cairn Financial Advisers LLP | ||
Sandy Jamieson |
| Tel: +44 (0) 207 148 7900 |
Peterhouse Corporate Finance Limited: | ||
Lucy Williams/ Fungai Ndoro |
| Tel: +44 (0) 207 469 0935 |
Appendix - AIM Rule 17 and Schedule Two paragraph (g) of the AIM Rules for Companies
Peter Redmond (aged 65)
Current Directorships / Partnerships | Past Directorships /Partnerships in last 5 years
|
Pires Investments plc | Blenheim Energy Limited |
Kennedy Ventures plc | Blenheim Wind and Biomass Limited |
Black Eagle plc | Citypoint Investments plc |
Black Eagle Capital plc | Devonshire Wind Projects Limited |
Blenheim Wind (UK) plc | Fairday Enterprises Limited |
Catalyst Corporate Consultants Limited | Fenchurch Capital Limited |
Cleeve Capital Limited | Stratus Holdings plc |
Energy Investment Opportunities Limited | Synigence plc |
Mithril Opportunities Limited | Westover Wines plc |
Renewable Power & Light Limited | Fortfield Investments plc |
| 04487961 Limited (formerly Merchant Capital Limited) |
| DS Finance & Leasing Limited (formerly Merchant House Finance Limited) |
| Leed Resources plc |
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