TIDMMPL

RNS Number : 3061J

Mercantile Ports & Logistics Ltd

20 August 2021

THIS ANNOUNCEMENT WAS DEEMED BY THE COMPANY TO CONTAIN INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATIONS (EU) NO. 596/2014 ("MAR") AS THEY FORM PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. WITH THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

20 August 2021

Mercantile Ports & Logistics Limited

("MPL" or the "Company")

Result of Placing

Further to the announcement of 19 August 2021 regarding the proposed placing via accelerated bookbuild (the "Placing Announcement"), the Company is pleased to announce that it has successfully raised GBP 9.6 million (before expenses) under the Placing and Subscription.

Cenkos and Zeus acted as Joint Bookrunners in connection with the Placing.

The PrimaryBid Offer closed for participation at 8:00 p.m. on 19 August 2021 and raised gross proceeds of GBP 0.5 million at 0.45 pence per ordinary share via the PrimaryBid Offer. The Company will therefore issue and allot a total of 111,614,477 New Ordinary Shares to satisfy the PrimaryBid Offer.

The following directors and their related parties have agreed to subscribe for Placing Shares at the Issue Price:

 
 Director/Related    Number of Placing     Value of Placing 
  Party              Shares subscribed    Shares subscribed 
 Hunch Ventures*           767,622,222         GBP3,454,300 
                   -------------------  ------------------- 
 Jeremy Warner              11,111,111            GBP50,000 
  Allen 
                   -------------------  ------------------- 
 Howard Flight               8,888,889            GBP40,000 
                   -------------------  ------------------- 
 Jay Mehta                  11,111,111            GBP50,000 
                   -------------------  ------------------- 
 John Fitzgerald             5,555,555            GBP25,000 
                   -------------------  ------------------- 
 TOTAL                     804,288,888         GBP3,619,300 
                   -------------------  -------------------

*Hunch Ventures is controlled by Karanpal Singh, Non-Executive Director, and now holds a 29.0 percent interest in the Company.

The Company will issue 2,244,947,810 new Ordinary Shares pursuant to the Placing, Subscription and PrimaryBid Offer at the issue price of 0.45p per share. Admission and dealings in the Placing Shares, Subscription Shares and the PrimaryBid Shares are expected to commence on AIM on 10 September 2021, subject to the passing of the Resolution by Shareholders at the Extraordinary General Meeting.

A circular, containing further details of the Fundraising and notice of the Extraordinary General Meeting to be held at 11.00 a.m. on 9 September 2021 to, inter alia, approve the resolution required to implement the Fundraising, is expected to be published and despatched to Shareholders on 20 August 2021 (the "Circular"). Following its publication, the Shareholder Circular will be available on the Group's website at https://www.mercpl.com/article/investor-relations/shareholder-circulars/9 .

Other than where defined, capitalised terms used in this announcement have the meanings given to them in the Placing Announcement.

   For further information, please visit www.mercpl.com   or contact: 
 
 Enquiries: 
 MPL                                    Jay Mehta 
                                        C/O Newgate Communications 
                                        +44 (0)20 3757 6880 
 Cenkos Securities plc (Nominated       Stephen Keys 
  Adviser and Joint Broker) 
                                        +44 (0)20 7397 8900 
 Zeus Capital Limited (Joint Broker)    Daniel Harris/Andrew Jones/James 
                                         Hornigold 
                                        +44 (0)203 829 5000 
 Newgate Communications (Financial      Isabelle Smurfit 
  PR) 
                                        +44 (0)20 3757 6880

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END

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August 20, 2021 03:43 ET (07:43 GMT)

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