12th Oct 2015 10:46
LONDON (Alliance News) - Cluff Natural Resources PLC on Monday said the admission of 7.8 million second placing shares has been delayed again.
The news comes after a delay announced on September 14. Cluff said Monday the subscriber asked for a further postponement to that initial delay.
"The company has received assurances from the subscriber of its intention to fulfil its obligations under the subscription agreement with the company in due course," Cluff said.
The second placing shares are to be issued under a GBP2.2 million fundraising of a total of 44.2 million shares announced back in March.
"Notwithstanding the delay to, and excluding, second admission, the company's working capital position remains in line with that originally envisaged and stated at the time of the placing, due in part to CLNR's continued focus on reducing overheads and also due to the postponement of major expenditure on UCG as previously announced," Cluff said.
Cluff shares were up 0.6% at 3.52 pence on Monday morning.
By Samuel Agini; [email protected]; @samuelagini
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