19th Jun 2009 07:53
THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN
19 June 2009
POLO RESOURCES LIMITED
("Polo Resources" or the "Company")
Cash Placing
Polo Resources (PRL), the AIM listed mining company with coal and uranium interests in Africa, Australia, Europe and Asia, is pleased to announce that it has raised approximately US$10 million before expenses to enable Polo Resources to take advantage of additional uranium opportunities as they may arise and for general working capital purposes. A total of 160,000,000 new ordinary shares (the "Placing Shares") have been placed by Canaccord Adams Limited ("Canaccord") and BMO Capital Markets Limited ("BMO") as lead agents at a price of 3.85 pence per Placing Share (the "Placing Price"), raising gross proceeds of approximately US$10 million (the "Placing"). The Placing is conditional upon, inter alia, admission of the Placing Shares to trading on AIM ("Admission"). It is expected that Admission of, and settlement for the Placing Shares will be at 8.00 a.m. on 24 June 2009.
All the Placing Shares will be credited as fully paid and will rank pari passu in all respects with the existing ordinary shares of no par value each in the capital of the Company ("Ordinary Shares"), including the right to receive all dividends and other distributions declared, made or paid after the date of issue.
Director's Dealings
The following directors of the Company, have participated in the Placing at the Placing Price in the following amounts:
|
Director |
Number of Placing Shares |
|
Stephen Dattels |
5,961,721 |
|
Neil Herbert |
2,543,668 |
|
Bryan Smith |
1,987,240 |
|
Guy Elliott |
794,896 |
As a result of these dealings, from Admission:
Mr Dattels will be interested in a total of 106,676,007 Ordinary Shares representing approximately 4.55% of the issued ordinary share capital from Admission;
Mr Herbert will be interested in a total of 51,732,954 Ordinary Shares representing approximately 2.20% of the issued ordinary share capital from Admission;
Mr Smith will be interested in a total of 4,287,240 Ordinary Shares representing approximately 0.18% of the issued ordinary share capital from Admission;
Mr Elliot will be interested in a total of 28,173,467 Ordinary Shares representing approximately 1.20% of the issued ordinary share capital from Admission;
Total Voting Rights
On Admission, Polo Resources notifies the market that the Company's issued share capital will be 2,346,645,623 ordinary shares of no par value each. None of these ordinary shares will be held in Treasury. Therefore the total number of voting rights in the Company will be 2,346,645,623. The above figure of 2,346,645,623 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change to interest in, the Company under the FSA's Disclosure and Transparency Rules.
Contacts:
Polo Resources LimitedNeil Herbert, Managing Director
Tel: +27 82 404 3637
www.poloresources.com
Canaccord Adams Limited (Nomad and Broker)Mike Jones/Ryan Gaffney Tel: +44 (0) 20 7050 6500
BMO Capital Markets LimitedEgizio Bianchini/Robin Birchall Tel: +1 416 359 4001
Financial Dynamics Ben Brewerton/Edward Westropp Tel: +44 (0) 20 7831 3113
Canaccord Adams Limited is nomad and broker to the Company. Canaccord and BMO are acting as lead Placing Agents to the Placing.
Important Notice
This announcement has been issued by, and is the sole responsibility of the Company. No representation or warranty, express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by Canaccord or BMO or by any of their respective affiliates or agents as to or in relation to, the accuracy or completeness of this announcement, or any other written or oral information made available to or publicly available to any prospective investor or its advisers, and any liability therefor is hereby expressly disclaimed.
Canaccord and BMO are acting for the Company and no one else in connection with the Placing and will not be responsible to any other person for providing the protections afforded to their respective clients, or for providing advice in relation to the Placing or in relation to the contents of this announcement or any other transaction, arrangement or matter referred to herein.
The securities referred to in this announcement have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, (the "Securities Act") nor with any securities regulatory authority of any State or other jurisdiction of the United States, and accordingly, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, registration under the Securities Act. The Placing Shares are being offered and sold outside the United States in accordance with Regulation S under the Securities Act and inside the United States in reliance upon applicable exemptions from the registration requirements of the Securities Act.
Neither this announcement nor any part of it constitutes an offer to sell or issue or the solicitation of an offer to buy, subscribe or acquire any ordinary shares in any jurisdiction in which any such offer or solicitation would be unlawful and the information contained herein is not for publication or distribution, directly or indirectly, in or into the United States, Canada, Australia, the Republic of South Africa or Japan or any jurisdiction in which such publication or distribution would be unlawful. No public offering of securities of the Company is being made in the United Kingdom, the United States or elsewhere.
Members of the general public are not eligible to take part in the Placing referred to below. Invitations to participate in the Placing will be limited to certain qualified persons.
Related Shares:
POL.L