Placing to raise £2 million

RNS Number : 8462M

Fox Marble Holdings PLC

12 May 2015

 

AIM: FOX

12 May 2015

Fox Marble Holdings plc

 ("Fox Marble" or the "Company")

Placing to raise £2 million

Fox Marble, the AIM listed company focused on marble quarrying in Kosovo, announces that the Company has raised £2.0 million by way of a placing of 10,000,000 new ordinary shares ("Placing Shares") to new and existing investors at a price of 20 pence per share ("Placing") through Brandon Hill Capital.

Subject to negotiations, the net proceeds of the Placing will be applied to repay the outstanding convertible loan of £1.1 million with Amati Global that was entered into at the Company's IPO in August 2012.  In addition, some of the proceeds will be used to procure additional equipment for the Company's processing facility in Kosovo, which is nearing completion. Finally, the Company is also looking to establish a joint venture in North America, which should further increase its penetration into the world's largest consumer of polished marble.

Application has been made to the London Stock Exchange to admit the Placing Shares to trading on AIM and admission is expected to occur on 15 May 2015. The Placing Shares will rank pari passu with the Company's existing ordinary shares.

Following the issue of the Placing Shares, the enlarged issued share capital of the Company will comprise 159,848,266 ordinary shares of 1 penny each. The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company, under the Disclosure and Transparency Rules.

Fox Marble Holdings plc
Chris Gilbert, Chief Executive Officer	Tel: [phone]
Fiona Hadfield, Chief Financial Officer
Cairn Financial Advisers LLP (Nomad) Avi Robinson / Liam Murray	Tel: [phone]
Brandon Hill Capital (Broker)
Oliver Stansfield (CEO)	Tel: [phone]
Jonathan Evans
Yellow Jersey PR
Dominic Barretto Kelsey Traynor	Tel: [phone] Tel: [phone]

Notes to Editors

Fox Marble Holdings Plc is an AIM quoted natural stone extraction and production Company operating in Kosovo and the Balkans region, with headquarters in the United Kingdom.

Established in 2011, Fox Marble has access to over 300 million cubic metres of premium quality marble and completed a maiden JORC resource indicating an in-situ valuation of approximately Euro 16.5 billion.  As announced in October 2013, it now has four quarries in operation and in August 2014 it completed the acquisition of the Prilep Omega Sivec Quarry, thus increasing its exposure to the highly desirable Sivec marble.

 

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