18 Feb 2009 10:01
18 February 2009
Strategic Natural Resources plc (AIM: SNRP)
Share Placing
AIM quoted - Strategic Natural Resources PLC ("SNR" or "the Company") announces that it has raised £309,450 through a placing of 3,438,333 new ordinary shares in the Company at 9 p per share by HB Corporate to a combination of new investors as well as certain members of the Board (the "Placing"). The funds, after expenses, raised under the Placing will be used for general working capital purposes.
The new ordinary shares will rank in full for all dividends or other distributions hereafter declared, made or paid on the ordinary share capital of the Company and will rank pari passu in all other respects with all other ordinary shares in issue.
Application will be made to the London Stock Exchange for the new ordinary shares to be admitted to trading on AIM and it is expected that the new ordinary shares will be admitted to trading on 12 March 2009.
The total number of ordinary shares in issue following the Placing will be 68,438,333.
The Directors' participation in the Placing constitutes a related party transaction under the AIM rules for Companies and the Board of the Company, with the exception of those directors participating in the Placing, having consulted with the Company's nominated adviser, HB Corporate, consider that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned.
The members of the Board who have participated in the Placing are set out below together with details of their holdings of ordinary shares in the Company following the Placing:
| Director | No. of new ordinary shares | No. of Ordinary Shares held or interested in prior to the Placing | No. of Ordinary Shares held or interested in following the Placing | Percentage of Company's enlarged issued share capital |
| Richard Latham | 31,111 | 2,750,000 | 2,781,111 | 4.06% |
| Jeremy Metcalfe | 69,444 | 2,815,600 | 2,885,044 | 4.22% |
| Elizabeth Shaw | 34,444 | 1,000,000 | 1,034,444 | 1.51% |
| Peter Earl | 175,000 | 4,260,000 | 4,435,000 | 6.48% |
| Randal McDonnell | 17,222 | 50,000 | 67,222 | 0.10% |
For further information contact:
The Company:
Jeremy Metcalfe, Chief Executive Officer
Strategic Natural Resources PLC
Tel: +441303 872453
David Nel, Chief Operations Officer
Strategic Natural Resources PLC Tel: + 27 41 374 0842
Nominated Adviser:
Rod Venables/James Reeve
HB Corporate Tel: +44 20 7510 8600
Broker:
Nicholas Malins-Smith/James WoodHichens, Harrison plc Tel: +44 20 7382 4450