2nd Oct 2015 07:24
LONDON (Alliance News) - Churchill Mining PLC Friday said it has conditionally raised GBP750,000 through the placing of 4.2 million shares at 18 pence each, together with the issue of warrants on the basis of one warrant for every two placing shares exercisable at 27p each.
Shares in Churchill Mining were trading down 20% at 18.50 pence following the announcement.
It said that the warrants will be exercisable until October 31, 2018, and the proceeds of the placing will provide the company with additional funding to progress its international arbitration claim against the Republic of Indonesia, as well as for general working capital.
Churchill said it has granted Northland Capital Partners Ltd warrants to subscribe for 70,739 shares.
Chairman David Quinlivan has subscribed for 111,112 shares, giving him a total holding of 4.1 million shares representing 3.1% of the company's issued share capital.
Non-Executive Director Fara Luwia has subscribed for 366,460 shares, giving her a total holding of 10.5 million shares representing 7.6% of the company's issued share capital.
Managing Director Nicholas Smith has subscribed for 55,556 shares, giving him a total holding of 481,098 shares representing 0.4% of the company's issued share capital.
Non-Executive Director Kiran Vadlamani has subscribed for 366,460 shares, giving him a total holding of 17.9 million shares representing 13.1% of the company's issued share capital. Vadlamani subscribed through Cause First Ventures Ltd, of which he is the controlling shareholder.
"We wish to thank those of our existing shareholders who participated in this placement for their ongoing support and we also welcome our new shareholders. The company is very pleased with the level of interest shown in this capital raising as we progress our claim for damages against the Republic of Indonesia," Quinlivan said in a statement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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