3 Mar 2017 16:30
3 March 2017
Glenwick Plc
("Glenwick" or the "Company")
AIM Cancellation and update re proposed Cora Gold Acquisition and IPO, i3 Investment and Fundraising
Further to previous announcements by the Company, given that its ordinary shares of no par value ("Ordinary Shares") have remained suspended from trading on AIM since 5 September 2016, the Company's admission to trading on AIM will be cancelled on 6 March 2017 (the "Cancellation") in accordance with Rule 41 of the AIM Rules for Companies.
The Cancellation will not affect either the Company's pre-IPO investment (the "i3 Investment") in i3 Energy Limited ("i3") or its proposed acquisition (the "Acquisition") of Cora Gold Limited ("Cora Gold"). As part of the Acquisition, Glenwick is currently engaged in a process leading to a new admission to trading on AIM (the "Cora IPO") once the Acquisition is completed. In order to raise additional funding for the Cora IPO, the Company intends to conduct a pre-IPO fundraise by way of a convertible loan note, the terms of which are yet to be decided. The Board is working closely with Cora Gold and its major stakeholders in order to deliver a successful Cora IPO, targeted for Q2 2017.
The proposed admission to trading on AIM of i3 (the "i3 IPO") is currently progressing as planned and further updates will be provided by Glenwick on the Company's website in due course. As the Company previously announced, it is intended that all shares in i3 received by Glenwick following the i3 IPO will be distributed (the "i3 Share Distributions") to holders of Ordinary Shares ("Shareholders") in proportion to each Shareholder's interest in the Company at a yet to be set record date. The i3 Share Distributions will exclude from their calculations those Ordinary Shares issued after the record date, including any Ordinary Shares issued as part of the Cora IPO, any concurrent capital raising or pre-IPO fundraising.
Whilst the Board is naturally disappointed that a transaction in line with Glenwick's investing policy could not be concluded prior to the Cancellation, the Board is excited now to have initiated transactions in respect of two high-quality projects in both the oil and gas and mining sectors. Please see earlier announcements by Glenwick for further information regarding the i3 Investment and the proposed Acquisition. The Board of Glenwick would like to thank its loyal Shareholders for their continued support and very much look forward to updating them in due course on both the i3 IPO and Cora Gold IPO.
As the Company's admission to trading on AIM will shortly be cancelled, all such Company updates from this date forth may be found on the Company's website, http://www.glenwickplc.com/.
For further information, please contact:
FIM Capital Limited
Graham Smith
+44 1624 681 250
Allenby Capital Limited (Nominated Adviser and Joint-Broker)
John Depasquale/Nick Harriss
+44 203 328 5656
Peterhouse Corporate Finance Limited (Joint-Broker)
Lucy Williams / Heena Karani
+44 207 469 0933
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