Subscription

RNS Number : 7859H

Tri-Star Resources PLC

17 July 2012

 



17 July 2012

Tri-Star Resources plc

("Tri-Star" or the "Company")

Subscription

Tri-Star Resources (AIM: TSTR), the integrated antimony exploration and development company, is pleased to announce that the Company has entered into share subscription agreements with a number of institutional and other investors for a total of 223,532,743 new ordinary shares of 0.00005p ("Ordinary Shares") in the Company (the "Subscription Shares") at a subscription price of 0.565p (the "Subscription Price") (the "Subscription").  The Subscription will raise £1.26 million, before expenses.

The Subscription Shares will rank pari passu with all existing ordinary shares in the capital of the Company, and application will be made for the Subscription Shares to be admitted to trading on AIM ("Admission") on 20 July 2012.  Following the Subscription, the enlarged issued share capital of the Company will total 5,256,880,017 Ordinary Shares.

Tri-Star intends to use the net proceeds from the Subscription to fund on going development of the Company's antimony projects and for general working capital purposes.

Following the Subscription, the above figure of 5,256,880,017 Ordinary Shares may be used by shareholders in the Company 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, Tri-Star under the Financial Service Authority's Disclosure and Transparency Rules. The Company does not hold any shares in treasury.

RAK Holdings, a wholly owned subsidiary of Union International Group Limited, and the Company's joint venture partner in the UAE Roaster Project also participated in the Subscription.

Director's dealings

Mr Brian Spratley, Technical Director of the Company, is participating in the Subscription through the purchase of 3,500,000 Subscription Shares for a gross consideration of £19,775. Following Admission, Mr Spratley will hold 63,500,000 Ordinary Shares, representing 1.2 per cent. of Company's enlarged ordinary share capital.

Mr Jonathan Quirk, Non-Executive Finance Director of the Company, is participating in the Subscription through the purchase of 3,500,000 Subscription Shares for a gross consideration of £19,775. Following Admission, Mr Quirk will hold 3,500,000 Ordinary Shares, representing 0.07 per cent. of Company's enlarged ordinary share capital.

Enquiries:

 

Tri-Star Resources plc  Emin Eyi, Managing Director  Brian Spratley, Technical Director	Tel: [phone] Tel:[phone]
Strand Hanson Limited (Nomad) James Harris / Paul Cocker	Tel: [phone]
Gable Communications Justine James / John Bick	Tel : [phone] Tel : [phone]

 

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