11 Aug 2020 07:51
PRAIRIE MINING LIMITED
NEWS RELEASE | 11 August 2020
SHARE PURCHASE PLAN - CLOSING DATE EXTENDED TOALLOW POLISH PARTICIPATION
Prairie Mining Limited (Prairie or Company) advises that following logistical and processing issues that have prevented Polish shareholders from participating in the Company's Share Purchase Plan (SPP), the Company is extending the Closing Date for all Eligible Shareholders to participate in the SPP to 5:00pm (CET) on 31 August 2020. The issues that have affected Polish Shareholders have now been resolved and given the strong Polish interest in the SPP, the extended Closing Date will ensure that Polish shareholders are not disadvantaged from the delay.
An updated timetable has been provided over page.
The Company encourages shareholders eligible to participate in the SPP to lodge their SPP application forms and/or remit their application monies as soon as possible as the Company will not accept any late applications and reserves the right, subject to the Corporations Act and the ASX Listing Rules, to vary the closing date without prior notice, including closing the SPP early.
ARBITRATION CLAIMS
On 1 July 2020, Prairie announced it had executed a Litigation Funding Agreement (LFA) for A$18m (US$12.3m) with LCM Funding UK Limited (a subsidiary of Litigation Capital Management Limited). The facility is available for immediate draw down for Prairie to pursue damages claims in relation to the investment dispute between Prairie and the Polish Government that has arisen out of certain measures taken by Poland in breach of the Energy Charter Treaty and the Australia-Poland Bilateral Investment Treaty (Treaties).
Prairie and its legal counsel are currently preparing for arbitration claims which will be submitted in the coming weeks. The claim will allege that the Republic of Poland has breached its obligations under both domestic law and Treaties. Prairie's claim for damages may include, but is not limited to, lost profits for both the Jan Karski and Debiensko mines as well as the value of Prairie's historic expenditure in developing both mines plus interest and costs.
For further information, please contact:
Prairie Mining Limited | Tel: +44 207 478 3900 |
Ben Stoikovich, Chief Executive Officer | Email: info@pdz.com.au |
Sapan Ghai, Head of Corporate Development Kazimierz Chojna, Commercial Officer |
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This announcement has been authorised for release by the Company Secretary.
Updated SPP Timetable
Details | Date |
Record Date The date on which the Company determines Eligible Shareholders | 5:00pm (Perth time) on 20 July 2020 |
Dispatch Date The date on which this document and the Application Forms are dispatched to Eligible Shareholders | 23 July 2020 |
Opening Date The date on which the Offer opens | 23 July 2020 |
Closing Date The date on which the Offer closes Applications and payments must be received by this date | 5:00pm (CET) on 31 August 2020 |
Announcement of SPP results | 3 September 2020 |
Issue Date The date New Shares are intended to be issued | 9 September 2020 |
Quotation of New Shares on ASX With an application for the shares to trade on the London and Warsaw Stock exchanges occurring as soon as possible following quotation on ASX. | 11 September 2020 |