Placement and Board change

RNS Number : 3202S

Berkeley Resources Limited

15 May 2009

 



15 May 2009

COMPLETION OF PLACEMENTS 

APPOINTMENT OF MR STEPHEN DATTELS

The Directors of Berkeley Resources Limited are pleased to advise that the Company has completed the placements to Polo Resources Limited and a number of institutional shareholders to raise a total of A$7 million prior to costs, as set out in the announcement of 23 March 2009.

In accordance with the terms of the Placements and as approved by shareholders (where required), the Company has issued 14 million shares each at an issue price of $0.50 together with 1 free attaching option exercisable at A$0.75 on or before 15 May 2013 for every 2 shares issued under the placements. The Company has also granted an advisory fee of 2.5 million unlisted options exercisable at A$ 1.00 on or before 31 May 2013 to Regent Resources Capital Corporation.

Mr Stephen Dattels, Executive Chairman of Polo Resources Limited, has been appointed as a Non-Executive Director of the Company with effect from today.

The Company has satisfied all of its obligations at completion in accordance with the Subscription Agreement for the placement to Polo Resources Limited.

Following shareholder approval on 6 May 2009, the Company has today also granted a total of 3 million options exercisable at A$0.75 on or before 15 May 2013 to the Directors of the Company.

The Company expects that all of the A$0.75 options issued today will be listed by the ASX upon completion of the current pro rata offer and satisfaction of the Listing Rule requirements.

An Appendix 3B in relation to these issues was released on 8 May 2009.

Enquiries -    Managing Director:            Matt Syme           Tel: [phone]     

                    RBC Capital Markets:         Martin Eales        Tel: [phone]

Information Required by AIM Rule 17 and Schedule Two:

Mr Stephen Roland Dattels (aged 61) has been appointed a Director of Berkeley Resources Limited effective 15 May 2009.

Mr Dattels has been a director or partners of the following companies and partnerships in the last five years:

Current Directorships	Past Directorships
Regent Mercantile Bancorp Inc.	Finelot Trading Company Limited
Regent Coal BVI Limited	Equilot.com Limited
Regent Mercantile Limited	European Minerals Corporation
Regent Pacific Group Ltd.	Ten Upper Grosvenor Street Management Limited
Polo Resources Limited	Oriel Resources plc
Polo Australasia Limited	Brook Audley Resources Limited
Polo Bangladesh Limited	Everfor Diamonds plc
Emerging Metals Limited	Uramin Inc.
Caledon Resources PLC	Regent Discovery Limited
GCM Resources PLC	Mago Resources Pty
	Uramin UK Limited

Mr Dattels has the following interests in the securities of the Company:

• 250,000 options exercisable at $0.75 each on or before 15 May 2013.

• An indirect interest in 2,500,000 $1.00 Unlisted Options expiring 31 May 2013 which are held by Regent Resources Capital Corporation. Mr Dattels has indirect control of the exercise of the power to convert and dispose of securities.

Mr Dattels resigned as a director of Werner Dahnz Company Limited in November 1988. Werner Dahnz Company Limited went into liquidation in August 1989. Mr. Dattels resigned as a director of Java Gold Corporation in April 1998 and Java Gold Corporation ceased trading on 17 August 1999. Mr. Dattels resigned as a director of Currency Network PLC on 15 November 2001. Currency Network PLC was dissolved on 23 July 2002. On 26 November 2001, a wholly owned subsidiary of Currency Network PLC, Currency Network (UK) Limited, of which Mr. Dattels had never been a director, was placed in creditors' voluntary liquidation.

There is no further information to be disclosed under Schedule Two, paragraph (g).

 

END

 

 

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