Placing of 77.98m Ordinary Shares

RNS Number : 2291Q

Independent Resources PLC

26 February 2016

 

FOR IMMEDIATE RELEASE

26 February 2016

Independent Resources Plc
("Independent Resources" or the "Company")

Placing of 77.98m Ordinary Shares in the Company at a placing price of 0.12p per share to raise gross proceeds of approximately GBP £93,500 ("the Placing")

The board of Independent Resources plc (AIM: IRG) ("Board") is pleased to announce that it has conditionally raised approximately GBP93,500 (before expenses) by the placing of 77,981,175 new Ordinary Shares of 0.1p in the Company ("Ordinary Shares") ("Placing Shares") at a Placing price of 0.12 pence per share ("Placing"). The Placing was effected using the Company's existing authorities to allot shares on a non pre-emptive basis which were obtained from shareholders at the Company's General Meeting on 16^th November 2015. The Placing is conditional upon admission of the Placing Shares to trading on AIM.

The Placing Price represents a 25.0 per cent. discount to the Company's closing mid-price of 0.16 pence on 25 February 2016, being the latest date practicable business day prior to this announcement. 

The Placing Shares will represent 18.6 per cent. of the enlarged issued share capital of the Company.

The Placing was executed on the Company's behalf by Brandon Hill Capital Limited.

The Company intends to use the net proceeds of the Placing for general working capital purposes. The size of the Placing represents the maximum amount which the Company can issue under its existing disapplication authority. The Company is continuing to seek both debt and equity finance to meet its future financing requirements and would intend to seek shareholder approval for any future issue of equity should its discussions with potential providers of equity finance be successful.

Following completion of the Placing there will be 419,905,876 ordinary shares of 0.1p each in the Company in issue.

Commenting on the Placing, Greg Coleman, CEO of Independent Resources said: "I am delighted to receive support from equity investors at this stage. The funds will be used to meet our near term financial obligations and we continue to progress plans to improve the operating performance and cashflow of our East Ghazalat asset and to invest in producing assets or assets with near-production upside potential."

The Placing Shares will rank pari passu with the existing Ordinary Shares and application has been made for the Placing Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and dealings in the Placing Shares will commence at 8.00 a.m. on 3 March 2016.

For more information, please visit www.ir-plc.com or contact:

Greg Coleman		Independent Resources plc	020 3367 1134
Mark Taylor		Panmure Gordon (UK) Limited	020 7886 2500
Adam James		(Nominated Adviser & Joint Broker)
Oliver Stansfield		Brandon Hill Capital	020 3463 5000
Jonathan Evans		(Joint Broker)
Simon Hudson		Tavistock Communications	020 7920 3150

 

END

 

 

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