Noricum Gold Limited Change of Name & Consolidation (1443L)
September 29 2016 - 1:01AM
UK Regulatory
TIDMNMG
RNS Number : 1443L
Noricum Gold Limited
29 September 2016
Noricum Gold Limited / EPIC: NMG / Sector: Natural Resources
29 September 2016
Noricum Gold Limited ('Noricum or 'the Company')
Change of name to Georgian Mining Corporation and Consolidation
of Ordinary Shares in issue
Noricum Gold Limited, announces that it intends to change its
name to Georgian Mining Corporation (EPIC: GEO). Noricum is also
proposing to consolidate the existing ordinary share capital of the
Company.
Background to and reasons for the Change of Name and the
Consolidation
2016 has been a very exciting year for the Company with
significant progress made at its 50% owned Bolnisi copper and gold
concessions in Georgia. Results of the Company's exploration
activities during the period demonstrate that the Bolnisi project
has the potential to host several significant economic mineral
deposits which could materially enlarge the scale of a future
mining operation. The Company will now focus on the rapid
development of these mineral assets with the ultimate goal of
becoming a European copper and gold producer. Accordingly, in order
to reflect the prospects for the Company and to help reinvigorate
its status in the capital markets, the Board is proposing a change
of name and a share consolidation.
The Company currently has 4,792,485,350 ordinary shares of no
par value in issue ('Existing Ordinary Shares'). The Board
considers that this number of shares is considerably larger than
that of similar sized companies on AIM and other Recognised
Investment Exchanges and that this is having a negative effect on
investor perception of the Company.
Following consultation with a number of the Company's
Shareholders, a consolidation is being proposed in order to reduce
the number of Existing Ordinary Shares that are in issue to a level
more in line with comparable AIM quoted companies. The Directors
believe that a consolidation will improve the marketability of
Existing Ordinary Shares to a wider range of investors, including
institutional investors in the UK, Europe and North America.
The Company is also proposing to change its name to "Georgian
Mining Corporation". The Board believes that this name better
reflects the Company's focus of operations.
Consolidation of Ordinary Shares in issue
The Directors have resolved to re-organise the Company's share
capital by combining all of the Existing Ordinary Shares on the
basis of one new ordinary share of no par value ('New Ordinary
Share') for every 100 Existing Ordinary Shares, such shares having
the same rights and being subject to the same restrictions as the
Existing Ordinary Shares as set out in the Articles of the Company
('Consolidation').
A fractional entitlement may arise as a result of the
Consolidation unless a holding of Existing Ordinary Shares is
exactly divisible by 100. For example, a Shareholder holding 1,050
Existing Ordinary Shares would be entitled to 10 New Ordinary
Shares and a fraction of 0.5 of a New Ordinary Share will arise
after the Consolidation ('Fractional Shares'). These Fractional
Shares will be aggregated and retained by the Company or sold for
the benefit of the Company.
New Ordinary Shares
Post Consolidation, the number of New Ordinary Shares is
expected to be 47,924,853 New Ordinary Shares. The last day for
dealing in the Existing Ordinary Shares on AIM is expected to be 5
October 2016.
Shareholders who hold Depositary Interests will have such
interests disabled in their CREST accounts on the Consolidation
Record Date (as referred to below), and their CREST accounts will
be credited with Depositary Interests representing the New Ordinary
Shares to which they are entitled following Admission, which is
expected to take place on 6 October 2016.
Following the Consolidation, any existing share certificates
will cease to be valid and new share certificates are expected to
be despatched to those Shareholders who hold their Existing
Ordinary Shares in certificated form, on or before 17 October
2016.
Expected Timetable
Announcement to Shareholders 29 September 2016
------------------------------------- ---------------------
Last day of dealings in the 5 October 2016
Existing Ordinary Shares
------------------------------------- ---------------------
Consolidation Record Date 5.00 p.m. (BST)
on 5 October 2016
------------------------------------- ---------------------
Admission effective and dealings
in New Ordinary Shares expected 8.00 a.m. (BST)
to commence on AIM on 6 October 2016
------------------------------------- ---------------------
Crediting of CREST accounts
with Depositary Interests 8.00 a.m. (BST)
representing New Ordinary on 6 October 2016
Shares
------------------------------------- ---------------------
Change of name becomes effective 8:00 a.m. (BST)
on or around 10
October 2016
------------------------------------- ---------------------
Despatch of definitive share
certificates in respect of By 17 October 2016
New Ordinary Shares in certificated
form
------------------------------------- ---------------------
Share Capital Statistics
Number of Existing Ordinary
Shares at the date of this
Announcement 4,792,485,350
--------------------------------- --------------
Number of New Ordinary Shares
in issue immediately following
the Consolidation 47,924,853
--------------------------------- --------------
ISIN for the New Ordinary VGG659191131
Shares*
--------------------------------- --------------
*Please note that a further new ISIN and SEDOL will be required
once the proposed name change is effected. The Company will
announce these details once they are confirmed.
**ENDS**
For further information please visit www.noricumgold.com or
contact:
Greg Kuenzel Noricum Gold Limited Company Tel: 020 7907
9327
Martyn Churchouse Noricum Gold Limited
Ewan Leggat S. P. Angel Corporate Nomad & Tel: 020 3470
Finance LLP Broker 0470
Laura Harrison S. P. Angel Corporate Nomad & Tel: 020 3470
Finance LLP Broker 0470
Damon Heath Shard Capital Partners Joint Broker Tel: 0207
LLP 186 9950
Elisabeth St Brides Partners PR Tel: 020 7236
Cowell Ltd 1177
This information is provided by RNS
The company news service from the London Stock Exchange
END
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