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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Finnaust Min | LSE:FAM | London | Ordinary Share | GB00BFD3VF20 | ORD 0.01P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 8.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMFAM
RNS Number : 1582Z
FinnAust Mining PLC
10 March 2017
FinnAust Mining plc / EPIC: FAM / Market: AIM / Sector: Mining
10 March 2017
FinnAust Mining plc ('FinnAust' or the 'Company')
Result of General Meeting
Acquisition of Bluejay, Rule 9 Waiver, Issue of Equity, Change of Name and Directors' Shareholdings
FinnAust Mining plc, the AIM and FSE listed company with projects in Greenland and Finland, announces that all Resolutions were duly passed at the General Meeting of the Company held earlier today. The Company has therefore exercised its option to acquire 82,560 shares of Bluejay Mining Limited ('Bluejay') (the 'Bluejay Option') representing 39.63 per cent. of Bluejay that it does not already own. Exercising the Bluejay Option has resulted in the Company increasing its ownership in Bluejay and the Pituffik Titanium Project ('Pituffik' or 'Pituffik Project') from 60.37 per cent. to 100 per cent.
Change of Name to Bluejay Mining plc
The change of the Company's name to Bluejay Mining plc was approved by shareholders at today's General Meeting. Trading under the new name and TIDM 'JAY' is expected to commence at 8.00 a.m. on 13 March 2017. The ISIN and SEDOL for the Ordinary Shares will not change.
Issue of Equity
The consideration for Bluejay was agreed in December 2015 with the number of shares to be issued pursuant to the Exercise of the Bluejay Option agreed at the time the Company purchased its initial interest in 60.37 per cent. of Bluejay (see RNS dated 9 December 2015). Accordingly, the Company has today issued 108,071,388 new Ordinary Shares ('Consideration Shares') to the Bluejay Vendors.
Application has been made for the Consideration Shares to be admitted to trading on the AIM market of the London Stock Exchange ('Admission'). Admission is expected to occur on or around 13 March 2017.
Directors' Shareholdings and Concert Party Shareholdings
Following the issue of the Consideration shares, the interests in the Ordinary Shares of the Company of the Directors and the Concert Party are as set out in the table below:
Hot Features
Premium
Shareholder No. of Consideration Interest in Percentage interest
name Interest in Shares Ordinary Shares in voting rights
Ordinary Shares following the of the Company
immediately issue of the
prior to the Consideration
General Meeting Shares
-------------------- ------------------ --------------------- ----------------- --------------------
Shaun Bunn 17,089,886 11,443,696 28,533,582 3.91%
-------------------- ------------------ --------------------- ----------------- --------------------
Gregory Kuenzel* 23,108,125 15,147,257 38,255,382 5.24%
-------------------- ------------------ --------------------- ----------------- --------------------
Roderick McIllree* 57,100,222 37,477,556 94,577,778 12.95%
-------------------- ------------------ --------------------- ----------------- --------------------
Garth Palmer 9,291,881 6,525,323 15,817,204 2.17%
-------------------- ------------------ --------------------- ----------------- --------------------
Jeremy Whybrow 56,600,222 37,477,556 94,077,778 12.88%
-------------------- ------------------ --------------------- ----------------- --------------------
Bluejay Vendors
Total 163,190,336 108,071,388 271,261,724 37.15%
-------------------- ------------------ --------------------- ----------------- --------------------
Western Areas 138,611,112 - 138,611,112 18.98%
-------------------- ------------------ --------------------- ----------------- --------------------
Concert Party
Total 301,801,448 108,071,388 409,872,836 56.13%
-------------------- ------------------ --------------------- ----------------- --------------------
Other Shareholders 320,368,051 - 320,368,051 43. 87%
-------------------- ------------------ --------------------- ----------------- --------------------
TOTAL 622,169,499 108,071,388 730,240,887 100.00%
-------------------- ------------------ --------------------- ----------------- --------------------
Shareholders should note that following the issue of the Consideration Shares, the Concert Party holds over 50 per cent. of the voting rights of the Company. Following completion of the Bluejay Acquisition, the Bluejay Vendors are not permitted to increase their maximum potential interests in the voting rights of the Company through or between a Rule 9 threshold without Panel consent. Western Areas will be able to increase its interests in the voting rights of the Company, but will not be permitted to cross the Rule 9 threshold (being 30 per cent. or more of the voting rights) without Panel consent.
Total voting rights
Following the issue of the Consideration Shares, the total issued share capital of the Company consists of 730,240,887 Ordinary Shares with voting rights. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of voting rights in the Company is 730,240,887 and this figure 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 in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
**S**
For further information, please visit www.finnaust.com or contact:
FinnAust Mining +44 (0) 20 7907
Roderick McIllree plc 9326
------------------- -------------------- ----------------
FinnAust Mining +44 (0) 20 7907
Graham Marshall plc 9326
------------------- -------------------- ----------------
SP Angel Corporate +44 (0) 20 3470
Ewan Leggat Finance LLP 0470
------------------- -------------------- ----------------
SP Angel Corporate +44 (0) 20 3470
Laura Harrison Finance LLP 0470
------------------- -------------------- ----------------
St Brides Partners +44 (0) 20 7236
Elisabeth Cowell Ltd 1177
------------------- -------------------- ----------------
St Brides Partners +44 (0) 20 7236
Charlotte Page Ltd 1177
------------------- -------------------- ----------------
Unless otherwise stated, the same definitions apply throughout this announcement as are applied in the circular dated 20 February 2017. A list of definitions is set out at the end of this announcement.
Notes
FinnAust has a number of highly prospective licences at various stages of development in Greenland and Finland. The Company is dual listed on the London AIM market and Frankfurt Stock Exchange.
The Company is currently focussed on advancing the Pituffik Project in Greenland, an area that has only recently revealed its mineral potential following changes in the climate. Pituffik, which FinnAust conditionally acquired in December 2015, has demonstrated the potential to be in the top percentile of projects worldwide in terms of heavy mineral grade.
Pituffik comprises three main target areas along an >80km coastline historically proven to contain large and high-grade accumulations of primary ilmenite occurring as placer deposits in the following environments:
-- Raised beaches; containing ilmenite accumulations over widths of more than 1km, of unknown depths, along more than 20km of coastline;
-- Active beaches; which refer to the area seaward of the frontal dunes, including the beach, tidal zones and surf zone - historically samples from this area have achieved 70% ilmenite by weight; and
-- Drowned beaches; refers to the areas seaward of active beaches.
The Company's strategy is focused on the production of a bulk sample "proof of concept" from the Pituffik Project in 2017 with the aim of ultimately generating cash flow to create a company capable of self-funding exploration on future acquisitions.
FinnAust also holds a 100% interest in a portfolio of copper, zinc and nickel projects in Finland. This multi-commodity portfolio remains a strategic asset of importance and has been restructured to be cost-sustainable whilst determining the best plan for future development.
Market Abuse Regulation (MAR) Disclosure
The notification below, made in accordance with the requirements of the EU Market Abuse Regulation, provides further detail on the dealings by a director.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM
1. Details of the person discharging managerial
responsibilities/person closely associated
--- ---------------------------------------------------------------------------
a) Name: Roderick McIllree
--- --------------------------------- ----------------------------------------
2. Reason for the notification
--- ---------------------------------------------------------------------------
a) Position/status: Managing Director
--- --------------------------------- ----------------------------------------
b) Initial notification/Amendment: Initial notification
--- --------------------------------- ----------------------------------------
3. Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
--- ---------------------------------------------------------------------------
a) Name: FinnAust Mining
plc
--- --------------------------------- ----------------------------------------
b) LEI: 213800E9AEFEHFLOVJ19
--- --------------------------------- ----------------------------------------
4. Details of the transaction(s): section to
be repeated for (i) each type of instrument;
(ii) each type of transaction; (iii) each
date; and (iv) each place where transactions
have been conducted
--- ---------------------------------------------------------------------------
a) Description of the financial Ordinary shares
instrument, type of instrument: of 0.01 pence each
Identification code: GB00BFD3VF20
--- --------------------------------- ----------------------------------------
b) Nature of the transaction: Issue of new ordinary
shares in lieu of
consideration
--- --------------------------------- ----------------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
------------ -----------
0.55 pence 37,477,556
------------ -----------
--- --------------------------------- ----------------------------------------
d) Aggregated information: Single transaction
Aggregated volume: as in 4 c) above Price(s) Volume(s)
Price: ---------- -----------
0.55
pence 37,477,556
---------- -----------
--- --------------------------------- ----------------------------------------
e) Date of the transaction: 2017-03-10
10.06hrs UTC
--- --------------------------------- ----------------------------------------
f) Place of the transaction: Off market transaction
(issue of new shares)
--- --------------------------------- ----------------------------------------
1. Details of the person discharging managerial
responsibilities/person closely associated
--- ---------------------------------------------------------------------------
a) Name: Gregory Kuenzel
--- --------------------------------- ----------------------------------------
2. Reason for the notification
--- ---------------------------------------------------------------------------
a) Position/status: Non-Executive
Director
--- --------------------------------- ----------------------------------------
b) Initial notification/Amendment: Initial notification
--- --------------------------------- ----------------------------------------
3. Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
--- ---------------------------------------------------------------------------
a) Name: FinnAust Mining
plc
--- --------------------------------- ----------------------------------------
b) LEI: 213800E9AEFEHFLOVJ19
--- --------------------------------- ----------------------------------------
4. Details of the transaction(s): section to
be repeated for (i) each type of instrument;
(ii) each type of transaction; (iii) each
date; and (iv) each place where transactions
have been conducted
--- ---------------------------------------------------------------------------
a) Description of the financial Ordinary shares
instrument, type of instrument: of 0.01 pence
Identification code: each
GB00BFD3VF20
--- --------------------------------- ----------------------------------------
b) Nature of the transaction: Issue of new ordinary
shares in lieu
of consideration
--- --------------------------------- ----------------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
------------ -----------
0.55 pence 15,147,257
------------ -----------
--- --------------------------------- ----------------------------------------
d) Aggregated information: Single transaction
Aggregated volume: as in 4 c) above Price(s) Volume(s)
Price: ---------- -----------
0.55
pence 15,147,257
---------- -----------
--- --------------------------------- ----------------------------------------
e) Date of the transaction: 2017-03-10
10.06hrs UTC
--- --------------------------------- ----------------------------------------
f) Place of the transaction: Off market transaction
(issue of new
shares)
--- --------------------------------- ----------------------------------------
DEFINITIONS
The following words and expressions apply throughout this document unless the context requires otherwise:
"Admission" admission of the Consideration
Shares to trading on
AIM becoming effective
in accordance with the
AIM Rules for Companies;
------------------------------ -----------------------------------
"Admission Document" the Company's AIM admission
document dated 12 November
2013;
------------------------------ -----------------------------------
"AIM" a market of that name
operated by the London
Stock Exchange;
------------------------------ -----------------------------------
"AIM Rules" together, the AIM Rules
for Companies (including
the Note for Mining and
Oil & Gas Companies)
and the AIM Rules for
Nominated Advisers;
------------------------------ -----------------------------------
"AIM Rules for Companies" the AIM Rules for Companies
published by the London
Stock Exchange as amended
from time to time;
------------------------------ -----------------------------------
"AIM Rules for Nominated the AIM Rules for Nominated
Advisers" Advisers published by
the London Stock Exchange
as amended from time
to time;
------------------------------ -----------------------------------
"Articles" the articles of association
of the Company as at
the date of this document;
------------------------------ -----------------------------------
"Bluejay" Bluejay Mining Limited,
a company incorporated
in the British Virgin
Islands with registered
number 1662564;
------------------------------ -----------------------------------
"Bluejay Acquisition" the proposed acquisition
by the Company of 82,560
shares of no par value
each representing an
interest in 39.63 per
cent. of Bluejay, which
is not already owned
by the Company;
------------------------------ -----------------------------------
"Bluejay Acquisition the sale and purchase
Agreement" agreement entered into
on 8 December 2015 by
the Company and the Bluejay
Vendors setting out the
terms of the acquisition
of Bluejay;
------------------------------ -----------------------------------
"Bluejay Option" the option granted to
the Company pursuant
to the terms of the Bluejay
Acquisition Agreement
whereby the Company was
granted the right to
acquire the remaining
39.63 per cent. of Bluejay
that it does not already
own from the Bluejay
Vendors to be satisfied
by the issue of the Consideration
Shares;
------------------------------ -----------------------------------
"Bluejay Vendors" the vendors of Bluejay,
being Roderick McIllree,
Jeremy Whybrow, Gregory
Kuenzel, Garth Palmer
and Shaun Bunn;
------------------------------ -----------------------------------
"Board" or "Directors" the directors of the
Company whose names are
set out on page 2 of
this document;
------------------------------ -----------------------------------
"Company" or "FinnAust" FinnAust Mining plc,
a company incorporated
in England and Wales
with registered number
05389216;
------------------------------ -----------------------------------
"Concert Party" Western Areas and the
Bluejay Vendors;
------------------------------ -----------------------------------
"Conflicted Directors" certain directors of
the Company, being Roderick
McIllree, Gregory Kuenzel
and Graham Marshall are
deemed to have a conflict
of interest for the purposes
of the Takeover Code
with regard to the Proposed
Transaction;
------------------------------ -----------------------------------
"Consideration Shares" 108,071,388 new Ordinary
Shares which will be
issued to the Bluejay
Vendors to satisfy the
consideration due in
respect of the Exercise
of the Bluejay Option;
------------------------------ -----------------------------------
"December 2015 Placing" the placing of new shares
for cash undertaken by
the Company in December
2015, which was conditional
upon completion of the
Initial Bluejay Acquisition,
further details of which
are set out in the circular
dated 8 December 2015;
------------------------------ -----------------------------------
"Enlarged Issued Share the issued ordinary share
Capital" capital of the Company
as enlarged by the issue
of the Consideration
Shares;
------------------------------ -----------------------------------
"Exercise of the Bluejay the proposed exercise
Option" of the Bluejay Option
by the Company, which
will result in the Bluejay
Acquisition;
------------------------------ -----------------------------------
"Existing Ordinary Shares" the 619,169,499 Ordinary
Shares in issue at the
date of this document;
------------------------------ -----------------------------------
"Form of Proxy" the form of proxy for
use by Shareholders in
connection with the General
Meeting, which is enclosed
with this document;
------------------------------ -----------------------------------
"General Meeting" the general meeting of
the Company which is
to be held at 10:00 a.m.
on 10 March 2017 at The
Washington Mayfair Hotel,
5 Curzon Street, London,
W1J 5HE, notice of which
is set out at the end
of this document;
------------------------------ -----------------------------------
"Group" the Company and its subsidiaries;
------------------------------ -----------------------------------
"Independent Shareholders" the Shareholders other
than the Bluejay Vendors
and Western Areas;
------------------------------ -----------------------------------
"Initial Bluejay Acquisition" the acquisition by the
Company of 125,788 Bluejay
shares of no par value
each representing an
interest in 60.37 per
cent. of Bluejay, which
completed on 8 March
2016;
------------------------------ -----------------------------------
"London Stock Exchange" the London Stock Exchange
plc;
------------------------------ -----------------------------------
"Notice of General Meeting" the notice of the General
Meeting, which begins
on page 35 of this document;
------------------------------ -----------------------------------
"Ordinary Shares" ordinary shares of 0.01
pence each in the capital
of the Company;
------------------------------ -----------------------------------
"Panel" the UK Panel on Takeovers
and Mergers;
------------------------------ -----------------------------------
"Pituffik Mineral Exploration the exploration licence
Permit" held by Bluejay with
licence number 2015/08
which covers an area
of approximately 150
square kilometres (including
the expansion granted
by the Self Rule Government
of Greenland in July
2016 to cover the shallow
marine environment);
------------------------------ -----------------------------------
"Pituffik Project" the mineral resource
exploration project covered
by the Pituffik Mineral
Exploration Permit, south
of Qaanaaq in North West
Greenland;
------------------------------ -----------------------------------
"Proposed Transaction" together, the Exercise
of the Bluejay Option,
the Bluejay Acquisition
and the Waiver;
------------------------------ -----------------------------------
"Resolutions" the resolutions to be
proposed at the General
Meeting as set out in
the Notice of General
Meeting;
------------------------------ -----------------------------------
"Rule 3" rule 3 of the Takeover
Code;
------------------------------ -----------------------------------
"Rule 9" rule 9 of the Takeover
Code;
------------------------------ -----------------------------------
"Share Options" options to acquire Ordinary
Shares previously granted
by the Company to Gregory
Kuenzel and Garth Palmer;
------------------------------ -----------------------------------
"Shareholder(s)" holders of Ordinary Shares;
------------------------------ -----------------------------------
"SP Angel" SP Angel Corporate Finance
LLP, the Rule 3 adviser
and nominated adviser
and broker to the Company;
------------------------------ -----------------------------------
"Takeover Code" the UK City Code on Takeovers
and Mergers (as amended
from time to time); and
------------------------------ -----------------------------------
"TIDM" tradeable instrument
display mnemonic;
------------------------------ -----------------------------------
"Waiver" the waiver which has
been granted by the Panel,
conditional upon the
approval by the Independent
Shareholders of the Whitewash
Resolution on a poll,
of the obligations to
make a mandatory offer
for the entire issued
and to be issued share
capital of the Company
not already held by the
Concert Party which might
otherwise be imposed
on the Concert Party
under Rule 9, as a result
of the issue of the Consideration
Shares to the Bluejay
Vendors pursuant to the
Exercise of the Bluejay
Option;
------------------------------ -----------------------------------
"Western Areas" Western Areas Limited,
a company incorporated
in Australia with registered
number 091049357; and
------------------------------ -----------------------------------
"Whitewash Resolution" Resolution 2 set out
in the Notice of General
Meeting, which relates
to the Waiver.
------------------------------ -----------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCURUARBSAOAAR
(END) Dow Jones Newswires
March 10, 2017 06:30 ET (11:30 GMT)
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