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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Mercer Resources | LSE:MCR | London | Ordinary Share | GB00BBNBM331 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.65 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMMCR
RNS Number : 0973I
Mercer Resources PLC
27 May 2014
Mercer Resources Plc (AIM: MCR)
Issue of Equity & Convertible Loan Notes
The Board of Mercer Resources Plc ("Mercer" or the "Company") is pleased to announce that it has raised GBP193,500 (before expenses) from two professional investors by way of a combination of subscription for new ordinary shares of 0.1 pence each ("Subscription Shares") in the share capital of the Company and issue of convertible loan notes.
The capital raised will provide Mercer with the financial flexibility to advance a number of strategic investment discussions and the implementation of its investing policy. The board is currently reviewing a number of possible investment opportunities and will update shareholders of progress in due course.
The Company will issue 10,333,333 Subscription Shares at 1p per share raising GBP103,333 and GBP90,167 loan notes convertible into new ordinary shares at 1p ("Loan Notes").
The Loan Notes, which do not carry a coupon, are convertible at any time until 19 May 2017, at which time, if not converted, the Loan Notes will become repayable in a single instalment. On full conversion the note holders would receive 9,016,700 ordinary shares of 0.1 pence each.
The Subscription Shares will rank pari passu with the existing ordinary shares of 0.1 pence each in the Company (the "Ordinary Shares"). Application has been made for admission of the Subscription Shares to trading on AIM and it is expected that dealings in the Subscription Shares will commence on or around 2 June 2014.
Following the issue of the Subscription Shares, there will be 89,479,136 Ordinary Shares in issue ("Enlarged Share Capital"). This number 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.
Inversiones Bergamo Ltd has subscribed for 9,300,000 of the Subscription Shares, which will represent 10.4 per cent. of the Enlarged Share Capital. Inversiones Bergamo Ltd has also subscribed for GBP57,000 of the Loan Notes.
Enquiries:
Trevor Wells Mercer Resources plc 020 3301 9331 Nominated Adviser Cairn Financial Advisers James Caithie/Avi Robinson LLP 020 7148 7900 Broker Peterhouse Corporate Finance Jon Levinson/Lucy Williams Limited 020 7469 0936
This information is provided by RNS
The company news service from the London Stock Exchange
END
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