Fundraising round at Smith Electric Vehicles Corp.

RNS Number : 3445X

Tanfield Group PLC

14 February 2012

 



14 February 2012

TANFIELD GROUP PLC

("Tanfield" or the "Company")

New fundraising round at Smith Electric Vehicles Corp.

The Board of Tanfield is pleased to announce that its US associated company, Smith Electric Vehicles Corp. ("Smith"), has filed a Form D with the U.S. Securities and Exchange Commission announcing a private placing of up to $40 million of new preferred stock and warrants (the "Placing"). 

On the assumption that the Placing is subscribed in full, the Company will hold 5,259,192 ordinary shares in Smith representing, on a diluted basis, approximately 24.13 per cent of the enlarged ordinary share capital of Smith. (Tanfield held 27.22% on the same dilution basis prior to this placing.)

The net proceeds of the Placing will be used to fund Smith's ongoing working capital and development requirements.

 Further information:

Tanfield Group plc	0845 155 7755
Darren Kell / Charles Brooks
WH Ireland
James Joyce / Nick Field, Nominated Adviser	0207 220 1666
Seb Wykeham / Ruari McGirr, Broking	0207 220 1666
Buchanan
Charles Ryland / Nicola Cronk / Catherine Breen	020 7466 5000

ENDS

 

END

 

 

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