Sula Iron & Gold PLC Posting of Open Offer Circular (4820Q)

TIDMSULA

RNS Number : 4820Q

Sula Iron & Gold PLC

30 November 2016

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A BREACH OF THE RELEVANT SECURITIES LAWS OF SUCH JURISDICTION.

This announcement does not constitute a prospectus or offering memorandum or an offer in respect of any securities and is not intended to provide the basis for any investment decision in respect of Sula Iron & Gold Plc or other evaluation of any securities of Sula Iron & Gold Plc or any other entity and should not be considered as a recommendation that any investor should subscribe for or purchase any such securities.

30 November 2016

SULA IRON & GOLD PLC

("Sula" or the "Company")

Posting of Open Offer Circular

Sula (AIM: SULA), the multi-commodity exploration company focused on Sierra Leone, is pleased to announce that, further to its announcement of 18 November 2016, it has today posted a circular (the "Circular") to Qualifying Shareholders regarding an Open Offer to raise up to approximately GBP0.30 million gross. The Circular is also available on the Company's website at www.sulaironandgold.com

All capitalised terms in this announcement have the same meanings as those given to them in the Circular, unless the context otherwise requires.

The Open Offer is being made to Qualifying Shareholders on the register as at the Record Date of close of business on 29 November 2016, for up to 143,031,940 Open Offer Shares at 0.21 pence per Open Offer Share (being the same price as the Placing and Subscription Price announced on 18 November 2016) on the basis of:

1 Open Offer Share for every 13 Existing Ordinary Shares

As announced on 18 November 2016, the Issue Price represented a discount of approximately 6.7 per cent. to the Company's closing middle market share price of 0.225p on 17 November 2016, the date, immediately prior to the announcement of the Placing and Subscription and a discount of approximately 16.0 per cent. to the Company's closing middle market share price of 0.25p on 29 November 2016, the latest practicable date prior to the publication of the Circular.

Qualifying Shareholders are also being given the opportunity, provided that they take up their Open Offer Entitlements in full, to apply for additional Open Offer Shares through an Excess Application Facility.

Full details of the Open Offer, including terms and conditions and details on how to accept the Open Offer, are set out in the Circular being posted to Qualifying Shareholders today and available on the Company's website.

Expected Timetable of Principal Events

 
                                                        2016 
 Record Date for entitlement under         Close of business 
  the Open Offer                              on 29 November 
 Ex-Entitlement Date and time                   7.00 a.m. on 
                                                 30 November 
 Posting of this Circular and,                   30 November 
  to Qualifying non-CREST Shareholders 
  only, the Application Form 
 Open Offer Entitlements and Excess             8.00 a.m. on 
  CREST Open Offer Entitlements                   1 December 
  credited to stock accounts in 
  CREST of Qualifying CREST Shareholders 
 Latest recommended time and date               4.30 p.m. on 
  for requesting withdrawal of Open               9 December 
  Offer Entitlements and Excess 
  CREST Open Offer Entitlements 
  from CREST 
 Latest time for depositing Open                3.00 p.m. on 
  Offer Entitlements and Excess                  12 December 
  CREST Open Offer Entitlements 
  into CREST 
 Latest time and date for splitting             3.00 p.m. on 
  Application Forms (to satisfy                  13 December 
  bona fide market claims) 
 Latest time and date for receipt              11.00 a.m. on 
  of completed Application Forms                 15 December 
  and payment in full under the 
  Open Offer or settlement of relevant 
  CREST instruction (as appropriate) 
 Expected time and date of announcement          16 December 
  of results of the Open Offer 
 Admission effective and dealings               8.00 a.m. on 
  in the Open Offer Shares expected              21 December 
  to commence on AIM 
 Expected date for crediting of                 8.00 a.m. on 
  Open Offer Shares in uncertificated            21 December 
  form to CREST stock accounts 
 Expected date of despatch of share              30 December 
  certificates in respect of Open 
  Offer Shares in certificated form 
 

The dates set out in the Expected Timetable of Principal Events above and mentioned throughout the Circular may be adjusted by Sula Iron & Gold plc, in which event details of the new dates will be announced through a Regulatory Information Service and/or notified by sending a further Circular, where appropriate, to Shareholders. All references to time in this Circular are to time in London.

For further information, please contact:

 
 Sula Iron & Gold plc                [phone] 
  Roger Murphy, CEO                   8304 
 VSA Capital Limited (Financial 
  Adviser and Corporate Broker) 
  Andrew Monk 
  Andrew Raca                        [phone] 
  Justin McKeegan                     5000 
 Strand Hanson Limited (Financial 
  and Nominated Adviser) 
  James Harris 
  Matthew Chandler                   [phone] 
  James Dance                         3494 
 

Ongeza Mining (Financial and Technical Adviser) [phone]

Iain Macpherson

Ilja Graulich

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR").

This information is provided by RNS

The company news service from the London Stock Exchange

END

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November 30, 2016 02:00 ET (07:00 GMT)