Cradle Arc PLC Placing to raise £396,000 gross (8283F)
October 31 2018 - 2:12AM
UK Regulatory
TIDMCRA
RNS Number : 8283F
Cradle Arc PLC
31 October 2018
Cradle Arc plc / EPIC: CRA.L / Market: AIM / Sector: Mining
31 October 2018
Cradle Arc plc
("Cradle Arc" or the "Company")
Placing to raise GBP396,000 gross
Cradle Arc (AIM: CRA), the African focused base and precious
metals exploration and production company, is pleased to announce
that it has raised GBP396,000 (before expenses) by way of a
conditional placing of 44,000,000 new ordinary shares of 0.01 pence
each in the capital of the Company ("Ordinary Shares") (the
"Placing Shares") at a price of 0.90 pence per Placing Share, with
certain new and existing shareholders (the "Placing").
The Placing is conditional only upon admission of the Placing
Shares to trading on AIM. The Placing Shares will be fully paid and
will rank pari passu in all respects with the Company's existing
Ordinary Shares.
The net proceeds of the Placing will be used alongside the
funding from the US$2.0 million loan facility provided to Leboam
Holdings (Pty) Limited, the Company's 60 per cent. owned
subsidiary, by PenMin Botswana Proprietary Limited that was
completed on 19 October 2018, as the Company completes the
rehabilitation and improvement of the current processing facilities
at the Mowana Copper Mine and thereby address the intermittent
breakdowns and interruptions that were the key reason for the
Company's inability to meet its production targets during Q3
2018.
Kevin van Wouw, CEO of Cradle Arc, commented:
We are delighted to have completed this fundraise; we are busy
applying the funds from the loan facility to improve the process
plant to complement the hard work that has gone into the
rehabilitation of the pit. We look forward to updating the market
on our progress in the near future.
Application for trading on AIM and Total Voting Rights
Application will be made to the London Stock Exchange plc for
the Placing Shares to be admitted to trading on AIM ('Admission').
Admission is expected to become effective and dealings in the
Placing Shares to commence at 8.00 a.m. on or around 7 November
2018. On Admission, the Company will have 342,238,845 Ordinary
Shares in issue.
The Company does not currently hold any Ordinary Shares in
treasury. Accordingly, the above figure of 342,238,845 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 in their
interest in, the share capital of the Company under the Financial
Conduct Authority's Disclosure Guidance and Transparency Rules.
**ENDS**
For further information on the Company, please visit
www.cradlearc.com or contact:
Cradle Arc plc Tel: +44 (0)20 7637 5216
Kevin van Wouw
Mark Jones
Strand Hanson Limited Tel: +44 (0)20 7409 3494
James Spinney
Matthew Chandler
James Dance
SP Angel Corporate Finance Tel: +44 (0)20 3470 0470
LLP
Ewan Leggat
Tavistock Communications Limited Tel: +44 (0)20 7920 3150
Charles Vivian
Gareth Tredway
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
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END
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