25 Jun 2014 07:00
25 June 2014
Kemin Resources plc("Kemin" or the "Company")
Completion of £2.05 million Placing
Kemin Resources plc (AIM: KEM), is pleased to announce that it has conditionally raised gross proceeds of approximately £2.05 million through a placing of 22,804,310 new Ordinary Shares of 1 pence each (the "Placing Shares") through JSC Visor Capital ("Visor"), a Kazakhstan focused investment bank, at a price of 9 pence per Ordinary Share with institutional investors (the "Placing").
The net proceeds of the Placing will be used to continue the development of the Company's tungsten and molybdenum assets in Kazakhstan and for general working capital purposes.
Details of the Placing
Application has been made for the Placing Shares, which will rank pari passu in all respects with the existing Ordinary Shares of the Company, to be admitted to trading on AIM ("Admission"), which is expected to be effective from 8.00 a.m. on 30 June 2014.
The Placing is conditional, inter alia, upon Admission becoming effective by no later than 8.00 a.m. on 30 June 2014 or such later date as the Company and Visor may agree.
Total Voting Rights
The Company has no Ordinary Shares held in treasury. The total number of voting rights in the Company following the Placing will therefore be 174,833,047. This figure 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 in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
For further information please contact:
Kemin Resources PlcRajinder Basra, FCA | +44 (0) 207 932 2456 |
Strand Hanson (Nomad and Joint Broker)Andrew EmmottRitchie Balmer | +44 (0) 207 409 3494 |
Peat & Co. (Joint Broker)John Beaumont, COO and Head of Research | +44 (0) 203 540 1720+44 (0) 203 540 1723 |
Blythe Weigh Communications (Financial PR)Tim BlytheHalimah HussainCamilla Horsfall | +44 (0) 207 138 3204 |