19 Sep 2011 07:00
19 September 2011
Strategic Natural Resources PLC
("SNR" or the "Company")
Further re Issue of Equity
Appointment of Non-Executive Director
The Board of SNR (AIM:SNRP) is pleased to announce that it has received the balance of £600,000 from Cooch 1095 Limited ("Cooch") in relation to the placing to raise £1,900,000 at 19p per share (the "Placing"), further details of which are contained in the announcement dated 25 August 2011.
Application will be made for the remaining 3,157,985 new ordinary shares in the Company (the "Tranche 2 Shares") to be admitted to trading on AIM ("Admission") and it is expected that dealings in the Tranche 2 Shares will occur on or around 22 September 2011.
Following Admission, Cooch will have a total beneficial interest in 25,000,000 ordinary shares in SNR, equivalent to 20.99 per cent. of the Company's enlarged issued share capital. The total enlarged issued share capital of SNR following Admission will be 119,103,333 ordinary shares of 1 pence each. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Disclosure and Transparency Rules.
The Board of SNR are also pleased to announce that Mr Andrew Brennan has been appointed as a Non-Executive Director of SNR, with immediate effect. Andrew has been nominated by Cooch in accordance with the terms of the Placing.
Andrew Brennan has spent 37 years working in the banking sector, beginning at the Bank of Ireland, where he gained experience in both the private client and corporate banking divisions. Andrew was one of four persons selected to launch the Bank of Ireland's private banking division. Following retirement from the Bank of Ireland, Andrew spent 5 years as Deputy Head, Private Clients at Merrion Capital, a Dublin based stockbroking firm. In 2007 Andrew joined W.P. O'Reilly & Associates Limited as a non-executive director and has served as a director since. WP O'Reilly & Associates is a Meath-based insurance broker providing insurance and mortgage advice.
Andrew will be acting as a non-executive director for the Company. In addition and given his extensive banking and finance experience, he will work closely with the Company's CEO, David Nel and FD, Edward Cox, in assessing the most appropriate types of financing for the Company, for the development of the Elitheni Coal mine in South Africa.
David Nel, CEO, commented "We are delighted to welcome Andrew to the Board, who will be representing Cooch which has so supportively backed the development of this Company. We are confident that Andrew's banking and financial experience will greatly assist us in our current stage of development as we finalise matters on the overall financing strategy for the development of the Elitheni Coal Mine and the commencement of coal exports.''
For further information, please contact:
Strategic Natural Resources plc David Nel, Chief Executive Officer Jeremy Metcalfe, Communications Director |
+27 (0) 41 374 0842 +44 (0)7785 346 718 |
Nominated Adviser and Joint Broker - Allenby Capital Limited Nick Naylor / Alex Price / James Reeve |
+44 (0) 20 3328 5656 |
Evolution Securities Chris Sim / Romil Patel |
+44 207 071 4300 |
SP Angel Corporate Finance Limited - Joint Broker Emin Eyi / Tercel Moore |
+44 (0) 207 647 9646 |
Financial Dynamics Billy Clegg / Oliver Winters | +44 (0)207 831 3113 +44 (0)77 0332 9024 |
For further information about Strategic Natural Resources plc please visit www.snrplc.co.uk
Regulatory Disclosures
Name: Andrew Brennan (aged 66)
Mr Brennan is or has been a director of the following companies in the last 5 years:
Current Directorships:
·; Coraldue Trading Ltd
·; WP O'Reilly & Associates Ltd
·; Triple Crown Motor Co Ltd
Directorships within the last 5 years:
·; None
There are no further disclosures to be made in relation to Mr Brennan under Schedule Two, paragraph (g) (i)-(viii) of the AIM Rules for Companies.