Last checked at 12 Jul 2016 12:36
ONZIMA VENTURES PLC - InvestmentONZIMA VENTURES PLC - Investment
PR Newswire
London, July 12
Onzima Ventures PLC
("Onzima" or the "Company")
Investment in Kolar Gold Limited
Onzima is pleased to announce that it has participated in the conditional fundraising by Kolar Gold Limited (LON: KGLD) (“Kolar Gold”).
Highlights:
Transaction subject to Kolar Gold shareholder approval at Extraordinary General Meeting to be held on 27 July 2016; Onzima to invest £30,000 in cash to acquire 2,727,273 new ordinary shares in Kolar Gold at a price of 1.1p per new ordinary share (equivalent to approximately 1.4% of the enlarged issued share capital of Kolar Gold); Onzima to also receive 2,727,273 warrants to acquire new ordinary shares in Kolar Gold at an exercise price of 2.2p per new ordinary share with 30 month life; Board restructuring proposed at Kolar Gold – Cameron Parry, currently CEO of Metal Tiger plc to take up the position of CEO of Kolar Gold, subject to the passing of the resolutions at the Kolar Gold GM to be held on 27 July 2016. Luke Cairns, non-executive Director of Onzima ventures plc, to join as the other Executive Director of Kolar Gold. Harvinder Hungin to remain Non-Executive Chairman, Steven Oke to remain Non-Executive Director and Vaidyanathan Sivakumar to step down as Non-executive director; and New board of Kolar Gold plan an immediate operational review covering existing exploration interests and various acquisition opportunities.Gavin Burnell, Chief Executive Officer of Onzima commented “We are pleased to support the fundraising, board and strategy changes at Kolar Gold which provides Onzima with good upside exposure for its investment”.
For further information please contact:
Onzima Ventures PLC Tel: +44 (0) 1732 366 561Gavin Burnell, Luke Cairns
Nominated AdviserCairn Financial Advisers LLP Tel: +44 (0) 20 7148 7900 Sandy Jamieson, Liam Murray
BrokerPeterhouse Corporate Finance Limited Tel: +44 (0) 20 7469 0930 Guy Miller, Lucy Williams
Note: This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation.