14 Feb 2012 07:00

14 February 2012
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TANFIELD GROUP PLC
("Tanfield" or the "Company")
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New fundraising round at Smith Electric Vehicles Corp.
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The Board of Tanfield is pleased to announce that its US associated company, Smith Electric Vehicles Corp. ("Smith"), has filed a Form D with the U.S. Securities and Exchange Commission announcing a private placing of up to $40 million of new preferred stock and warrants (the "Placing").Â
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On the assumption that the Placing is subscribed in full, the Company will hold 5,259,192 ordinary shares in Smith representing, on a diluted basis, approximately 24.13 per cent of the enlarged ordinary share capital of Smith. (Tanfield held 27.22% on the same dilution basis prior to this placing.)
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The net proceeds of the Placing will be used to fund Smith's ongoing working capital and development requirements.
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 Further information:
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Tanfield Group plc | 0845 155 7755 |
Darren Kell / Charles Brooks | |
WH Ireland | |
James Joyce / Nick Field, Nominated Adviser | 0207 220 1666 |
Seb Wykeham / Ruari McGirr, Broking | 0207 220 1666 |
Buchanan | |
Charles Ryland / Nicola Cronk / Catherine Breen | 020 7466 5000 |
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ENDS