Egdon Resources plc (AIM:EDR) today announces it has successfully completed a placing of 12,000,000 new ordinary shares (the “Placing Shares”) at a placing price of 25 pence per share to raise approximately £3.0 million (the “Placing”).
The proceeds of the Placing will be used to strengthen the Company’s working capital position ahead of commencement of drilling operations in the East Midlands.
Details of the placing:
The Company has raised approximately £3.0 million by way of a placing of 12,000,000 Placing Shares at 25 pence per share. These Placing Shares will represent approximately 8.29 per cent. of the enlarged issued share capital of the Company.
Application will be made for the Placing Shares to be admitted to trading on AIM (“Admission”). It is expected that Admission will become effective on or around 14 February 2014. Following this issue of equity, the issued share capital of the Company will be 144,787,543. The Placing Shares will rank pari passu with the existing ordinary shares.
In accordance with the Financial Conduct Authority’s Disclosure and Transparency Rules, the Company hereby announces that it has 144,787,543 ordinary shares of 1 pence in issue, each share carrying the right to one vote. The Company does not hold any ordinary shares in treasury.
The above figure of 144,787,543 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority’s Disclosure and Transparency Rules.