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8 May 2014 12:10
COBURG GROUP PLC
8 MAY 2014
UPDATE
The Board of Coburg Group plc ("Coburg" or "the Company") continues to seek ways to implement its investing policy and increase its portfolio of investments within the natural resources sector. Coburg is currently reviewing a number of interesting investment opportunities including gold exploration projects in East and West Africa.
The Company intends shortly to arrange a placing of new shares to raise additional funds for the Company. It is expected that the placing will be subscribed at 65 pence per share to raise approximately £200,000. It is further expected that the placing will be subscribed by directors and large shareholders.
Holders of the Company's unlisted Convertible Loan Notes have agreed with the Company to extend the maturity date by one year to 15 October 2016.
Following the proposed placing it is expected that Chris Ells will be appointed Chairman. Chris expects to take up 85,000 shares in the placing. It is envisaged that there will shortly be further changes to the Board to ensure that the Company has the requisite skills in the natural resources sector.
ENQUIRIES:
Chris Ells | Coburg Group PLC | +44 (0) 1622-844601 | |
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Colin Aaronson/David Hignell | Grant Thornton UK LLP | +44 (0)20 7383 5100 | |
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Nick Emerson | SI Capital Ltd | +44 (0)1483 413500 | |
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