Conditional Placing & Notice of General Mee...

THE INFORMATION CONTAINED IN THIS FOR RELEASE, IS NOT FOR GENERAL PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL Independent Resources plc ('Independent Resources' or `the Company') Conditional Placing & Notice of General Meeting The Company is pleased to announce that it has conditionally raised £2.6 million (prior to expenses) through a placing of 4,263,000 ordinary shares of 1p each in the capital of the Company ("Placing Shares") at 60p per Placing Share. The Placing Shares have been conditionally placed by Seymour Pierce with institutional and other investors (the "Placing"). Grayson Nash LLC, in which Grayson Nash (Executive Chairman of Independent Resources) is the majority shareholder, has agreed to subscribe for 200,000 Ordinary Shares. GAIA SRL, in which Roberto Bencini (Technical Director of Independent Resources) is the majority shareholder, has agreed to subscribe for 20,000 Ordinary Shares. Alan Thomas, a Non Executive Director of Independent Resources, has agreed to subscribe for 18,000 Ordinary Shares. The Directors, in aggregate, have agreed to subscribe for 238,000 Ordinary Shares pursuant to the Placing. Janine Diana James, the wife of Timothy James (a Director of Independent Resources), has agreed to subscribe for 20,000 Ordinary Shares. Following the Placing, the Directors will be interested in approximately 28 per cent. of the enlarged issued share capital. The Placing is conditional on certain resolutions being passed at a general meeting of the Company (the "GM" or "General Meeting") to be held at the offices of Ashurst LLP, Broadwalk House, 5 Appold Street, London EC2A 2HA on 9 July 2010 at 11:00 am. The business of the General Meeting will be to grant the Directors authority to allot Ordinary Shares and to disapply pre-emption rights in connection with the issue of the Placing Shares. A Circular, Notice of GM and Proxy Form have been posted to Shareholders. Additional copies of the Circular, Notice of GM and Proxy Form may be requested directly from the Company. The documents are also available on the Company's website, www.ir-plc.com. Application will be made for the Placing Shares to be admitted to trading on AIM, which is expected to commence on 12 July 2010. The Placing Shares will, upon issue, rank pari passu in all respects with the existing issued Ordinary Shares. For further information contact: Grayson Nash Executive Chairman Independent Resources plc: +39 02 3655 5960 Stewart Dickson Seymour Pierce: +44 20 7107 8000 Allan Piper Tavistock Communications Ltd: +44 20 7920 3150 This announcement does not constitute, or form any part of, an offer or an invitation to purchase any securities. In particular, these written materials are not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration under the US Securities Act of 1933 (the "US Securities Act") or an exemption therefrom. Independent Resources plc has not registered and does not intend to register any of the new ordinary shares under the US Securities Act. The new ordinary shares will not be offered or sold to the public in the United States. This announcement does not constitute an offer of, or the solicitation of any offer to buy, any Ordinary Shares to any person in any jurisdiction to whom or in which such offer or solicitation is unlawful. The distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of such jurisdiction. Seymour Pierce Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for the Company as nominated adviser and broker and for no one else in relation to the matters described in this announcement and will not be responsible to anyone other than the Company for providing the protections afforded to customers of Seymour Pierce Limited or for providing advice in relation to the subject matter or contents of this announcement.
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