27 Aug 2020 10:04
PRAIRIE MINING LIMITED
NEWS RELEASE | 27 August 2020
SHARE PURCHASE PLAN - FURTHER EXTENSION TO CLOSING DATE
Prairie Mining Limited (Prairie or Company) advises that it will extend the Closing Date for all Eligible Shareholders to participate in the Company's Share Purchase Plan (SPP) to 5:00pm (CET) on 14 September 2020.
The Company understands that some state-controlled brokers in Poland are not allowing their clients to participate in the SPP due to Prairie's dispute with the Republic of Poland. Extending the Closing Date will allow Polish shareholders additional time to participate in the SPP.
The Company recommends that Polish shareholders who have been unable to but wish to participate in the SPP, should contact Prosper Capital Dom Maklerski S.A. on +48 (22) 201 11 30 or biuro@pcdm.pl.
An updated SPP timetable has been provided below.
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 days. 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 |
Revised Closing Date The date on which the Offer closes Applications and payments must be received by this date | 5:00pm (CET) on 14 September 2020 |
Revised Announcement of SPP results | 17 September 2020 |
Revised Issue Date The date New Shares are intended to be issued | 23 September 2020 |
Revised 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. | 25 September 2020 |