Sula Iron & Gold PLC Posting of Open Offer Circular (4820Q)
November 30 2016 - 1:00AM
UK Regulatory
TIDMSULA
RNS Number : 4820Q
Sula Iron & Gold PLC
30 November 2016
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, THE
REPUBLIC OF SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION WHERE
TO DO SO WOULD CONSTITUTE A BREACH OF THE RELEVANT SECURITIES LAWS
OF SUCH JURISDICTION.
This announcement does not constitute a prospectus or offering
memorandum or an offer in respect of any securities and is not
intended to provide the basis for any investment decision in
respect of Sula Iron & Gold Plc or other evaluation of any
securities of Sula Iron & Gold Plc or any other entity and
should not be considered as a recommendation that any investor
should subscribe for or purchase any such securities.
30 November 2016
SULA IRON & GOLD PLC
("Sula" or the "Company")
Posting of Open Offer Circular
Sula (AIM: SULA), the multi-commodity exploration company
focused on Sierra Leone, is pleased to announce that, further to
its announcement of 18 November 2016, it has today posted a
circular (the "Circular") to Qualifying Shareholders regarding an
Open Offer to raise up to approximately GBP0.30 million gross. The
Circular is also available on the Company's website at
www.sulaironandgold.com
All capitalised terms in this announcement have the same
meanings as those given to them in the Circular, unless the context
otherwise requires.
The Open Offer is being made to Qualifying Shareholders on the
register as at the Record Date of close of business on 29 November
2016, for up to 143,031,940 Open Offer Shares at 0.21 pence per
Open Offer Share (being the same price as the Placing and
Subscription Price announced on 18 November 2016) on the basis
of:
1 Open Offer Share for every 13 Existing Ordinary Shares
As announced on 18 November 2016, the Issue Price represented a
discount of approximately 6.7 per cent. to the Company's closing
middle market share price of 0.225p on 17 November 2016, the date,
immediately prior to the announcement of the Placing and
Subscription and a discount of approximately 16.0 per cent. to the
Company's closing middle market share price of 0.25p on 29 November
2016, the latest practicable date prior to the publication of the
Circular.
Qualifying Shareholders are also being given the opportunity,
provided that they take up their Open Offer Entitlements in full,
to apply for additional Open Offer Shares through an Excess
Application Facility.
Full details of the Open Offer, including terms and conditions
and details on how to accept the Open Offer, are set out in the
Circular being posted to Qualifying Shareholders today and
available on the Company's website.
Expected Timetable of Principal Events
2016
Record Date for entitlement under Close of business
the Open Offer on 29 November
Ex-Entitlement Date and time 7.00 a.m. on
30 November
Posting of this Circular and, 30 November
to Qualifying non-CREST Shareholders
only, the Application Form
Open Offer Entitlements and Excess 8.00 a.m. on
CREST Open Offer Entitlements 1 December
credited to stock accounts in
CREST of Qualifying CREST Shareholders
Latest recommended time and date 4.30 p.m. on
for requesting withdrawal of Open 9 December
Offer Entitlements and Excess
CREST Open Offer Entitlements
from CREST
Latest time for depositing Open 3.00 p.m. on
Offer Entitlements and Excess 12 December
CREST Open Offer Entitlements
into CREST
Latest time and date for splitting 3.00 p.m. on
Application Forms (to satisfy 13 December
bona fide market claims)
Latest time and date for receipt 11.00 a.m. on
of completed Application Forms 15 December
and payment in full under the
Open Offer or settlement of relevant
CREST instruction (as appropriate)
Expected time and date of announcement 16 December
of results of the Open Offer
Admission effective and dealings 8.00 a.m. on
in the Open Offer Shares expected 21 December
to commence on AIM
Expected date for crediting of 8.00 a.m. on
Open Offer Shares in uncertificated 21 December
form to CREST stock accounts
Expected date of despatch of share 30 December
certificates in respect of Open
Offer Shares in certificated form
The dates set out in the Expected Timetable of Principal Events
above and mentioned throughout the Circular may be adjusted by Sula
Iron & Gold plc, in which event details of the new dates will
be announced through a Regulatory Information Service and/or
notified by sending a further Circular, where appropriate, to
Shareholders. All references to time in this Circular are to time
in London.
For further information, please contact:
Sula Iron & Gold plc +44 (0) 20 7583
Roger Murphy, CEO 8304
VSA Capital Limited (Financial
Adviser and Corporate Broker)
Andrew Monk
Andrew Raca +44 (0) 20 3005
Justin McKeegan 5000
Strand Hanson Limited (Financial
and Nominated Adviser)
James Harris
Matthew Chandler +44 (0) 20 7409
James Dance 3494
Ongeza Mining (Financial and Technical Adviser) +27 (0) 11 469
0629
Iain Macpherson
Ilja Graulich
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 ("MAR").
This information is provided by RNS
The company news service from the London Stock Exchange
END
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