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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Georgian Mining Corporation | LSE:GEO | London | Ordinary Share | VGG9688A1003 | ORD NPV (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.40 | 1.30 | 1.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMNMG
RNS Number : 1443L
Noricum Gold Limited
29 September 2016
Noricum Gold Limited / EPIC: NMG / Sector: Natural Resources
29 September 2016
Noricum Gold Limited ('Noricum or 'the Company')
Change of name to Georgian Mining Corporation and Consolidation of Ordinary Shares in issue
Noricum Gold Limited, announces that it intends to change its name to Georgian Mining Corporation (EPIC: GEO). Noricum is also proposing to consolidate the existing ordinary share capital of the Company.
Background to and reasons for the Change of Name and the Consolidation
2016 has been a very exciting year for the Company with significant progress made at its 50% owned Bolnisi copper and gold concessions in Georgia. Results of the Company's exploration activities during the period demonstrate that the Bolnisi project has the potential to host several significant economic mineral deposits which could materially enlarge the scale of a future mining operation. The Company will now focus on the rapid development of these mineral assets with the ultimate goal of becoming a European copper and gold producer. Accordingly, in order to reflect the prospects for the Company and to help reinvigorate its status in the capital markets, the Board is proposing a change of name and a share consolidation.
The Company currently has 4,792,485,350 ordinary shares of no par value in issue ('Existing Ordinary Shares'). The Board considers that this number of shares is considerably larger than that of similar sized companies on AIM and other Recognised Investment Exchanges and that this is having a negative effect on investor perception of the Company.
Following consultation with a number of the Company's Shareholders, a consolidation is being proposed in order to reduce the number of Existing Ordinary Shares that are in issue to a level more in line with comparable AIM quoted companies. The Directors believe that a consolidation will improve the marketability of Existing Ordinary Shares to a wider range of investors, including institutional investors in the UK, Europe and North America.
The Company is also proposing to change its name to "Georgian Mining Corporation". The Board believes that this name better reflects the Company's focus of operations.
Consolidation of Ordinary Shares in issue
The Directors have resolved to re-organise the Company's share capital by combining all of the Existing Ordinary Shares on the basis of one new ordinary share of no par value ('New Ordinary Share') for every 100 Existing Ordinary Shares, such shares having the same rights and being subject to the same restrictions as the Existing Ordinary Shares as set out in the Articles of the Company ('Consolidation').
A fractional entitlement may arise as a result of the Consolidation unless a holding of Existing Ordinary Shares is exactly divisible by 100. For example, a Shareholder holding 1,050 Existing Ordinary Shares would be entitled to 10 New Ordinary Shares and a fraction of 0.5 of a New Ordinary Share will arise after the Consolidation ('Fractional Shares'). These Fractional Shares will be aggregated and retained by the Company or sold for the benefit of the Company.
New Ordinary Shares
Post Consolidation, the number of New Ordinary Shares is expected to be 47,924,853 New Ordinary Shares. The last day for dealing in the Existing Ordinary Shares on AIM is expected to be 5 October 2016.
Shareholders who hold Depositary Interests will have such interests disabled in their CREST accounts on the Consolidation Record Date (as referred to below), and their CREST accounts will be credited with Depositary Interests representing the New Ordinary Shares to which they are entitled following Admission, which is expected to take place on 6 October 2016.
Following the Consolidation, any existing share certificates will cease to be valid and new share certificates are expected to be despatched to those Shareholders who hold their Existing Ordinary Shares in certificated form, on or before 17 October 2016.
Expected Timetable
Announcement to Shareholders 29 September 2016 ------------------------------------- --------------------- Last day of dealings in the 5 October 2016 Existing Ordinary Shares ------------------------------------- --------------------- Consolidation Record Date 5.00 p.m. (BST) on 5 October 2016 ------------------------------------- --------------------- Admission effective and dealings in New Ordinary Shares expected 8.00 a.m. (BST) to commence on AIM on 6 October 2016 ------------------------------------- --------------------- Crediting of CREST accounts with Depositary Interests 8.00 a.m. (BST) representing New Ordinary on 6 October 2016 Shares ------------------------------------- --------------------- Change of name becomes effective 8:00 a.m. (BST) on or around 10 October 2016 ------------------------------------- --------------------- Despatch of definitive share certificates in respect of By 17 October 2016 New Ordinary Shares in certificated form ------------------------------------- ---------------------
Share Capital Statistics
Number of Existing Ordinary Shares at the date of this Announcement 4,792,485,350 --------------------------------- -------------- Number of New Ordinary Shares in issue immediately following the Consolidation 47,924,853 --------------------------------- -------------- ISIN for the New Ordinary VGG659191131 Shares* --------------------------------- --------------
*Please note that a further new ISIN and SEDOL will be required once the proposed name change is effected. The Company will announce these details once they are confirmed.
**ENDS**
For further information please visit www.noricumgold.com or contact:
Greg Kuenzel Noricum Gold Limited Company Tel: 020 7907 9327 Martyn Churchouse Noricum Gold Limited Ewan Leggat S. P. Angel Corporate Nomad & Tel: 020 3470 Finance LLP Broker 0470 Laura Harrison S. P. Angel Corporate Nomad & Tel: 020 3470 Finance LLP Broker 0470 Damon Heath Shard Capital Partners Joint Broker Tel: 0207 LLP 186 9950 Elisabeth St Brides Partners PR Tel: 020 7236 Cowell Ltd 1177
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCAKFDBKBKBOCB
(END) Dow Jones Newswires
September 29, 2016 02:01 ET (06:01 GMT)
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