25th Oct 2013 08:15
LONDON (Alliance News) - Oracle Coalfields PLC Friday said it has raised GBP876,884 through a placing to fund the development of its mine and power plant construction project with the Chinese state-owned enterprise, CAMCE.
The coal mining company, with operations in Pakistan, said it raised GBP804,516 through a cash box placing of 44.7 million shares at 1.8 pence per share, including a cash subscription by Finance Manger Simon Smith and non-executive Chairman Adrian Loader.
The company said directors and senior managers, including Loader and Chief Executive Officer Shahrukh Khan, took up an additional 4.0 million shares in lieu of a cash remuneration of GBP72,368, making a total fundraising of GBP876,884.
A cash box placing is method of raising cash from the issue of shares which is classified for UK regulatory purposes as an issue for non-cash consideration. A special-purpose vehicle is created whose asset is cash. An investment bank provides the cash by placing of the shares with investors.
Oracle Coal said Smith replaced Tony Everitt, who was serving as interim finance manager and will continue as company secretary.
"This fund raising will allow the company to complete the final steps on the main project development including corporate and tax structures. It will also enable the company to work towards financial closure in 2014", Khan said in a statement.
Director/ Manager | Beneficial Holding prior to the Placing | Issued Share capital prior to the Placing | Number of Placing Shares | Beneficial Holding immediately after the Placing | % of enlarged Share Capital | |
In lieu of remuneration | By cash subscription | |||||
DIRECTORS |
|
|
|
|
| |
Adrian Loader | 1,781,665 | 0.64% | 630,239 | 555,556 | 2,967,460 | 0.91 |
Shahrukh Khan | 30,839,206 | 11.08% | 1,556,759 | - | 32,395,965 | 9.91 |
Roderick Stead | 453,332 | 0.16% | 312,533 | - | 765,865 | 0.23 |
Anthony Scutt | 546,332 | 0.20% | 312,533 | - | 858,865 | 0.26 |
MANAGEMENT |
|
|
|
|
| |
Brian Rostron | 855,901 | 0.31% | 1,208,389 | - | 2,064,290 | 0.63 |
Simon Smith | - | - | - | 75,000 | 75,000 | 0.02 |
TOTAL | 34,476,436 |
| 4,020,453 | 630,556 | 39,127,445 |
|
Oracle Coalfields shares were up 1.5% to 1.75 pence in early trading Friday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
Copyright © 2013 Alliance News Limited. All Rights Reserved.
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