BMR Mining PLC Open Offer (9520L)
January 15 2016 - 1:00AM
UK Regulatory
TIDMBMR
RNS Number : 9520L
BMR Mining PLC
15 January 2016
BMR Mining PLC
("BMR" or the "Company")
Open Offer
BMR Mining PLC, the Zambian-focused mineral processing business,
announces an open offer to raise up to approximately GBP750,000
before expenses (the "Open Offer"). A circular containing details
of the Open Offer (the "Circular"), together with a covering letter
from the BMR Chairman, the associated application form, the notice
of annual general meeting and associated proxy, have today been
posted to shareholders, and will shortly be made available on the
Company's website: www.bmrplc.com. Terms defined in the Circular
have the same meanings where used in this announcement.
Following the placing announced on 28 October 2015, the Company
also committed to make a similar amount of new Ordinary Shares
available to Shareholders on the same terms, including as to
Warrants, in the near future. In view of BMR's current share price,
the Board has resolved to make an Open Offer of up to 25,119,242
New Ordinary Shares at 3 pence each to raise up to approximately
GBP750,000 before expenses. For each New Ordinary Share subscribed,
Qualifying Shareholders will also receive one Warrant to subscribe
for a further new Ordinary Share at the Warrant Exercise Price of 7
pence per share.
Qualifying Shareholders may apply for Offer Shares under the
Open Offer at the Issue Price in the following proportion:
1 Offer Share for every 6 Existing Ordinary Shares
in respect of any number of Existing Ordinary Shares held on the
Record Date (14 January 2016). Entitlements of Qualifying
Shareholders will be rounded down to the nearest whole number of
Offer Shares. Fractional entitlements which would otherwise arise
will not be issued to the Qualifying Shareholders but will be made
available under the Excess Application Facility.
The Excess Application Facility enables Qualifying Shareholders
to apply for Offer Shares in excess of their Open Offer
Entitlement. Not all Shareholders will be Qualifying Shareholders.
In particular, Shareholders who are located in, or are citizens of,
or have a registered office in Restricted Jurisdictions will not
qualify to participate in the Open Offer.
The net proceeds from the Open Offer will be applied primarily
to bring forward the construction and assembly of the Main Plant
once the Pilot Plant has successfully commenced operations.
The Open Offer, which is not underwritten, is conditional, inter
alia, upon Admission, which is expected to occur no later than 8.00
a.m. on 19 February 2016 or such later time and/or date(s) as WH
Ireland and the Company may agree.
Ends
For further information:
BMR Mining PLC 020 7734 6252
Alex Borrelli, CEO and Chairman
WH Ireland Limited 020 7220 1666
Chris Fielding, Head of Corporate Finance
This information is provided by RNS
The company news service from the London Stock Exchange
END
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