Exercise of Warrants and Issue of Equity

RNS Number : 2584R

Sula Iron & Gold PLC

08 December 2016

 

8 December 2016

Sula Iron & Gold plc

("Sula" or the "Company")

Exercise of Warrants and Issue of Equity

Sula (AIM: SULA), the multi-commodity exploration company focused on Sierra Leone, announces that it has today allotted and issued 65,468,750 new ordinary shares of 0.1 penny each in the capital of the Company at a price of 0.16 pence per share (the "Warrant Shares") further to the exercise of certain warrants. The gross proceeds of exercise amounted, in aggregate, to £104,750 which provides additional working capital for the Company.  These warrants were granted in relation to the Company's fundraisings announced on 24 February 2016 and 10 March 2016. 

The Company has made application for the Warrant Shares to be admitted to trading on AIM ("Admission").  It is expected that Admission will become effective and that dealings in the Warrant Shares will commence at 8.00 a.m. on 13 December 2016. The Warrant Shares will be fully paid and will rank pari passu in all respects with the Company's existing ordinary shares.

For the purposes of the Disclosure and Transparency Rules, following Admission of the Warrant Shares, the Company's total issued ordinary share capital will consist of 1,924,883,969 ordinary shares of 0.1 penny each. This 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.

Roger Murphy, Sula's CEO, commented:

"It is pleasing to note the ongoing support for the development of the Company and its evolving strategy based on our very exciting Ferensola Gold Project. The net proceeds of the recent placing as well as the currently ongoing open offer to shareholders, together with the funds received from the exercise of warrants, provides us with the firepower necessary to further develop the project and continue adding value to the Company."

**ENDS**

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.

For further information, please visit www.sulaironandgold.com or contact the following:

Sula Iron & Gold plc Roger Murphy (CEO)	[phone]
Strand Hanson Limited (Financial and Nominated Adviser) James Harris / Matthew Chandler / James Dance	[phone]
VSA Capital Limited (Broker) Andrew Raca	[phone]

 

END

 

 

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