Aurum Mining PLC Result of General Meeting (7078T)
January 09 2017 - 9:30AM
UK Regulatory
TIDMAUR
RNS Number : 7078T
Aurum Mining PLC
09 January 2017
9 January 2017
AURUM MINING PLC
("Aurum" or the "Company")
Result of General Meeting
Approval of Placing and Change of Name
Aurum Mining plc (AIM: AUR), is pleased to announce that, at a
general meeting of the Company held today, all resolutions put to
shareholders, including resolutions, inter alia, relating to the
proposed placing announced by the Company on 21 December 2016 (the
"Placing") and change of name of the Company to Shearwater Group
plc, were duly passed.
This announcement includes inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
The Placing raises a total of GBP6.0 million (before expenses)
for the Company through the issue of 150,000,000 new ordinary
shares at a placing price of 4 pence per share. The estimated net
proceeds will be up to approximately GBP5.86 million.
On 21 December 2016, firm commitments had been received in
respect of 131,875,000 new ordinary shares from institutional and
other professional investors. The Directors also stated their
intention to subscribe for up to 18,125,000 new ordinary shares,
being a total aggregate of GBP725,000 at the placing price of 4
pence per share. Today, the Company received firm commitments from
David Williams, Mo Stevens, Chris Eadie (via his wife), Robin
Southwell, Stephen Ball and Giles Willits (the "Participating
Directors") for in aggregate, 18,125,000 new ordinary shares. Their
participation in the Placing constitutes a related party
transaction under the AIM Rules. Sean Finlay, an independent
director for these purposes, considers, having consulted with WH
Ireland Limited, the Company's nominated adviser, that the terms of
the Participating Directors' subscription are fair and reasonable
insofar as the shareholders of the Company are concerned.
Application for admission to trading on AIM of the 150,000,000
new ordinary shares being issued pursuant to the Placing has been
made and admission is expected to take place on 10 January 2017.
The new ordinary shares will rank pari passu with the existing
ordinary shares in issue.
In accordance with the provisions of the Disclosure Guidance and
Transparency Rules of the FCA, the Company confirms that, following
the Placing, its issued share capital will comprise 483,750,286
ordinary shares of 1 penny each. All ordinary shares shall have
equal voting rights and none of the ordinary shares are held in
treasury. The total number of voting rights in the Company
immediately following admission will therefore be 483,750,286.
Shareholders have approved the change of Company name to:
Shearwater Group plc
The change of name will be effective once Companies House has
issued a certificate of incorporation on change of name which is
expected to occur later today. The tradable instrument display
mnemonic ("TIDM") of the Company is expected to change to SWG with
effect from 7.00 a.m. on 10 January 2017.
An announcement will be made in due course in relation to the
new website address for Shearwater Group plc.
This announcement should be read in conjunction with the full
text of the circular posted to shareholders on 21 December 2016,
copies of which are available on the Company's website at
www.aurummining.net.
Contacts:
Aurum Mining plc www.aurummining.net
David Williams +44 (0) 797 014 8016
WH Ireland Limited Nominated Adviser &
Broker
Mike Coe, Ed Allsopp +44 (0) 117 945 3470
This information is provided by RNS
The company news service from the London Stock Exchange
END
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