Imc Exploration Regulatory News (IMC)

IMC Exploration Group Plc - Re. Share Placing

PR Newswire

London, September 7

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY IMC TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014, AS AMENDED ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

IMC Exploration Group plc (“IMC” or the “Company”)

Placing of Shares

Placing of New and Treasury Shares

The Board of IMC is pleased to announce that the Company has raised £267,500 (two hundred and sixty-seven thousand five hundred pounds Sterling) before expenses by way of an oversubscribed placing (the “Placing”) of 26,750,000 (twenty six million seven hundred and fifty thousand) new ordinary shares of €0.001 each ("Shares") in the Company at a price of 1p per Share (one penny Sterling) for cash (the “Placing Shares”), conditional only upon admission of the new Placing Shares to the Official List of the FCA and to trading on the regulated market of the London Stock Exchange (“Admission”) of the new Placing Shares. Alongside each Placing Share will be issued a warrant to subscribe for one further Share at a price of 2 p (two pence Sterling) per Share, exercisable for one year from the date of issue (the “Warrants”). No application shall be made for admission to any list or to trading on any market (regulated or otherwise) of the Warrants.

Further to the announcement made by IMC on 5th August 2019, 3,250,000 (three million two hundred and fifty thousand) existing IMC shares were returned to the Company and had been held temporarily as treasury shares by IMC, pending re-sale for cash. These 3,250,000 shares, which had been allotted but for which no consideration had been received by the Company, have now been placed on the same terms as the Placing Shares, resulting in IMC’s receiving a further £32,500 (thirty-two thousand five hundred pounds Sterling) before expenses.

Increase in Voting Rights Outstanding

The total number of voting rights in issue following the allotment of the Placing Shares shall be 311,495,991 (previously, 284,745,991). This new total is the denominator which shareholders should use to determine whether they are obliged to notify IMC of an interest in (or of a change to a notifiable interest in) voting rights. Application is being made for Admission for 26,750,000 Placing Shares.

Use of Proceeds

The net proceeds of the Placing will be applied for general working capital purposes but, in particular, for the further advancement of IMC’s exploration and geological work on its spoils and tailings project in Avoca, Co. Wicklow, Ireland, and to extend the significant progress already made on IMC’s collaboration with Trinity College Dublin. Further, IMC will work closely with the Geological Survey of Ireland to continue with the exploration work on IMC’s North Wexford gold project.

Conclusion

Eamon O’Brien, Chairman stated: “We are pleased to see significant support from new and existing investors. With the price having recently reached an all-time high of $2,000 per troy ounce, this is an auspicious time for gold and, in particular, for IMC with its exciting gold projects in South East Ireland. The Company will move to accelerate progress at the spoils and tailings project in Avoca, Co. Wicklow and will provide independently-verified updates as they become available.”

Eamon P. O’Brien,Executive Chairman,Dublin, 7th September 2020

The Directors of IMC, after due and careful enquiry, accept responsibility for the contents of this announcement.

REGULATORY ANNOUNCEMENT ENDS.

Contact Details:

Keith, Bayley, Rogers & Co. Limited

Graham Atthill-Beck: +44 20 7464 4091/ +44 7506 43 41 07 / Graham.Atthill-Beck@kbrl.co.uk

Brinsley Holman: +44 20 7464 4098 / Brinsley.Holman@kbrl.co.uk

IMC Exploration Group plc

Kathryn Byrne: +353 85 233 6033