13th Mar 2008 07:02
Polo Resources Limited13 March 2008 THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR PUBLICATION,RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES,CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND ORJAPAN. POLO RESOURCES LIMITED ("Polo" or the "Company") Results of Cash Placing ("Placing") Further to the announcement by the Company dated 7 March 2008 setting outdetails of a cash placing and following completion of the bookbuilding process,Polo Resources Limited (the "Company") is pleased to announce the placing priceand the number of new ordinary shares being placed. The Company announced on Friday 7 March that it aimed to raise up to 120.5 percent of its then market capitalisation through a firm and conditional offerstructure. However, against the backdrop of difficult market conditions for thenatural resources sector, the Company has decided to proceed with a firm placingonly. The Company confirms that a total of 362,000,000 new ordinary shares (the"Placing Shares") have been placed by JPMorgan Cazenove Limited, Canaccord AdamsLimited and BMO Nesbitt Burns Inc. (the "Managers") at a price of 12 pence perPlacing Share, raising gross proceeds of approximately £43.4 million (which isestimated to be £41.1 million net of expenses). All of the Placing Shares arebeing placed firm. The proceeds will be used to develop existing assets inMongolia and pursue further acquisitions. Application for all the Placing Shares to be admitted to trading on AIM will bemade. The placing of the Placing Shares is conditional upon, inter alia,admission of the Placing Shares to trading on AIM. It is expected thatadmission of, and settlement for, the Placing Shares will be at 8.00 a.m. on 17March 2008. All the Placing Shares will be credited as fully paid and will rank pari passuin all respects with the existing ordinary shares of no par value each in thecapital of the Company, including the right to receive all dividends and otherdistributions declared, made or paid after the date of issue. The Company has received support from existing holders and also several newinvestors in London and New York. In addition, it has met with furtherinstitutions that expressed interest in the Polo story and the Company looksforward to maintaining a relationship with this audience as it pursues itsorganic and acquisition led growth strategy and potentially welcoming them tothe share register in the future. Commenting on the Placing, Stephen Dattels, Executive Chairman of Polo Resources, said: "We are very pleased to announce that we have raised £43.4 million. Polo is looking to create a significant global resource company. We arereviewing several attractive potential acquisitions and these funds see us well-placed to progress those plans. The funds will also enable us to invest in ourMongolian exploration assets to bring these into production on an accelerateddevelopment programme. The increasing global demand for coal represents a significant opportunity forPolo. In Asia this growth has been particularly robust, most notably in Chinawhere the demand for imported coal has tripled since 2003. The Board remainsextremely confident about the future growth prospects." Enquiries to: Polo Resources LimitedGuy Elliott Tel: +1 941 894 0158Suresh Hiremath Tel: +44 (0)20 7586 4629 JPMorgan Cazenove Limited Tel: +44 (0)20 7588 2828Ian HannamNeil Passmore Canaccord Adams Limited (Nomad) Tel: +44 (0) 20 7050 6500Robin Birchall/Bhavesh Patel Financial Dynamics Tel: +44 (0) 20 7831 3113Ben Brewerton/Edward Westropp JPMorgan Cazenove Limited is acting as financial adviser, sole bookrunner andco-lead manager in relation to the Placing. Canaccord Adams Limited remainsNOMAD and broker to the Company and is acting as a co-lead manager to thePlacing. BMO Nesbitt Burns Inc. is also acting as a co-lead manager to thePlacing. Important Notice This announcement has been issued by, and is the sole responsibility of Polo. No representation or warranty, express or implied, is or will be made as to, orin relation to, and no responsibility or liability is or will be accepted by theManagers or by any of their respective affiliates or agents as to or in relationto, the accuracy or completeness of this announcement, or any other written ororal information made available to or publicly available to any prospectiveinvestor or its advisers, and any liability therefor is hereby expresslydisclaimed. JPMorgan Cazenove Limited, Canaccord Adams Limited and BMO Nesbitt Burns Inc.are each acting for the Company and no one else in connection with the Placingand will not be responsible to any other person for providing the protectionsafforded to their respective clients, or for providing advice in relation to thePlacing or in relation to the contents of this announcement or any othertransaction, arrangement or matter referred to herein. The securities referred to in this announcement have not been, nor will they be,registered under the US Securities Act of 1933, as amended, (the "Securities Act") nor with any securities regulatory authority of any State or otherjurisdiction of the United States, and accordingly, may not be offered or soldin the United States except pursuant to an exemption from, or in a transactionnot subject to, registration under the Securities Act. Any offer made in theUnited States will only be made privately, to a limited number of "qualifiedinstitutional buyers" (as such term is defined in Rule 144A under the SecuritiesAct) who are also "qualified purchasers" (as that term is defined in the rulesunderlying the Investment Company Act of 1940, as amended), pursuant to anexemption from registration under the Securities Act. The Placing Shares arebeing offered and sold outside the United States in accordance with Regulation Sunder the Securities Act. Neither this announcement nor any part of it constitutes an offer to sell orissue or the solicitation of an offer to buy, subscribe or acquire any newordinary shares in any jurisdiction in which any such offer or solicitationwould be unlawful and the information contained herein is not for publication ordistribution, directly or indirectly, in or into the United States, Canada,Australia, the Republic of South Africa, the Republic of Ireland or Japan or anyjurisdiction in which such publication or distribution would be unlawful. Nopublic offering of securities of the Company is being made in the UnitedKingdom, the United States or elsewhere. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
POL.L