TIDMSVE
RNS Number : 8780E
Starvest PLC
11 May 2017
11 May 2017
Starvest Plc ("Starvest" or "the Company")
Financing Update
Starvest PLC (LON:SVE), the London Stock Exchange AIM listed
specialist mining and resources investment business is pleased to
advise that it has raised GBP170,000 through a placing and
subscription in the company.
Highlights
-- Placing and Subscription of 8,500,000 new ordinary shares of
1.0 pence each ("Ordinary Shares") in the capital of Starvest at a
subscription price of 2.0p per Ordinary Share, raising gross
proceeds of GBP170,000 (the "Placing");
-- Placing and subscription undertaken at the closing bid price
of the Company as at 10 May 2017;
-- Issue of 8,500,000 warrants to subscribe for 8,500,000 new
Ordinary Shares in Starvest at an exercise price of 4.0p per
warrant, within a 24 month exercise period;
-- Net proceeds of the Placing will be primarily used to expand
the Company's specialist mining and resources investment
portfolio.
Callum Baxter, Chairman and CEO, commented: 'We are pleased to
announce this successful fundraising which will be used to expand
our investment portfolio. Current market valuations remain very
attractive and we are seeing many good investment opportunities.
Positioning early in the market recovery phase is very important
and the funds raised will allow us to take advantage of the modest
valuations available now.
The board has participated in the fundraising along with
existing and new shareholders. On behalf of the board I thank
existing shareholders for their continued support, and I warmly
welcome the new shareholders of Starvest PLC.'
Placing and Subscription Summary
Starvest has agreed a placing and subscription to raise
GBP170,000 of gross proceeds through the issue of 8,500,000
Ordinary Shares in the Company at a price of 2.0p per share (the
"Placing Shares").
Each Placing Share issued has an accompanying unlisted and
non-transferable warrant to subscribe for an additional Starvest
new Ordinary Share at a price of 4.0p at any time within 24 months
of admission to trading of the Placing Shares (a total of 8,500,000
warrants). Should all of these warrants be exercised, a further
GBP340,000 will be raised for the Company at a price of 4.0p.
Related party transaction
The board has participated in the Placing. Callum Baxter,
Chairman and CEO, increases his holding in the Company by 720,000
shares and now holds a total of 3,235,872 shares representing 6.2%
of the enlarged capital of the Company following admission of the
placing shares. Gemma Cryan, Non-Executive Director, increases her
holding in the Company by 500,000 shares and now holds a total of
575,000 shares representing 1.1% of the enlarged capital of the
Company following admission of the placing shares.
The participation in the Placing of Callum Baxter and Gemma
Cryan falls to be treated as a related party transaction under AIM
Rule 13. The independent director, John Watkins, Finance Director,
having consulted with Grant Thornton UK LLP (the Company's
nominated adviser), confirms that he is satisfied that the terms of
Callum Baxter and Gemma Cryan's participation in the Placing are
fair and reasonable insofar as the Company's shareholders are
concerned.
The 8,500,000 placing shares are expected to be admitted to
trading on, or around, 17 May 2017. For the purposes of the
Financial Conduct Authority's Disclosure Guidance and Transparency
Rules ("DTRs"), the issued ordinary share capital of Starvest
following the issue and allotment of the Placing Shares comprises
52,143,446 Ordinary Shares with voting rights attached (one vote
per share). There are no shares held in treasury. This total figure
of 52,143,446 may be used by shareholders as the denominator for
the calculation by which they will determine whether they are
required to notify their interest in, or a change to their interest
in Starvest under the DTRs.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
Callum N Baxter
Chairman & Chief Executive
11 May 2017
Enquiries to:
Starvest PLC
Callum Baxter Chairman/CEO 07922 255 933
cbaxter@starvest.co.uk
John Watkins Finance Director 07768 512 404
jwatkins@starvest.co.uk
Grant Thornton UK LLP (Nomad)
Colin Aaronson or Harrison Clarke 02073 835 100
SI Capital Ltd (Appointed Broker)
Nick Emerson or Andy Thacker 01483 413 500
The following disclosure is made in accordance with Article 19
of the EU Market Abuse Regulation 596/2014.
1 Details of the person discharging managerial
responsibilities / person closely associated
---- ---------------------------------------------------------------------
a) Name Callum Baxter
---- ------------------------- ------------------------------------------
2 Reason for the notification
---- ---------------------------------------------------------------------
a) Position/status Chairman and CEO
---- ------------------------- ------------------------------------------
b) Initial notification Initial Notification
/Amendment
---- ------------------------- ------------------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
---- ---------------------------------------------------------------------
a) Name Starvest Plc
---- ------------------------- ------------------------------------------
b) LEI
---- ------------------------- ------------------------------------------
4 Details of the transaction(s): section to
be repeated for (i) each type of instrument;
(ii) each type of transaction; (iii) each
date; and (iv) each place where transactions
have been conducted
---- ---------------------------------------------------------------------
a) Description of Ordinary Shares of 1.0p each
the financial
instrument, type
of instrument
----
Identification ISIN: GB0009619817
code
b) Nature of the Participation in Fundraise
transaction
---- ------------------------- ------------------------------------------
c) Price(s) and Name Price(s) Volume(s)
volume(s) --------------- --------- ----------
Callum Baxter 2p 720,000
--------------- --------- ----------
---- ----------------------------------------
d) Aggregated information
----
- Aggregated
volume 720,000
- Price 2 pence
e) Date of the transaction 10 May 2017
---- ------------------------- ------------------------------------------
f) Place of the Outside a trading venue
transaction
---- ------------------------- ------------------------------------------
1 Details of the person discharging managerial
responsibilities / person closely associated
---- -------------------------------------------------------------------
a) Name Gemma Cryan
---- ------------------------- ----------------------------------------
2 Reason for the notification
---- -------------------------------------------------------------------
a) Position/status Non-Executive Director
---- ------------------------- ----------------------------------------
b) Initial notification Initial Notification
/Amendment
---- ------------------------- ----------------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
---- -------------------------------------------------------------------
a) Name Starvest Plc
---- ------------------------- ----------------------------------------
b) LEI
---- ------------------------- ----------------------------------------
4 Details of the transaction(s): section to
be repeated for (i) each type of instrument;
(ii) each type of transaction; (iii) each
date; and (iv) each place where transactions
have been conducted
---- -------------------------------------------------------------------
a) Description of Ordinary Shares of 1.0p each
the financial
instrument, type
of instrument
----
Identification ISIN: GB0009619817
code
b) Nature of the Participation in Fundraise
transaction
---- ------------------------- ----------------------------------------
c) Price(s) and Name Price(s) Volume(s)
volume(s) ------------- --------- ----------
Gemma Cryan 2p 500,000
------------- --------- ----------
---- --------------------------------------
d) Aggregated information
----
- Aggregated
volume 500,000
- Price 2 pence
e) Date of the transaction 10 May 2017
---- ------------------------- ----------------------------------------
f) Place of the Outside a trading venue
transaction
---- ------------------------- ----------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
IOEGGURGAUPMGUG
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