Arkle Resources PLC Conditional Placing to Raise GBP252,000 (7865H)

TIDMARK

RNS Number : 7865H

Arkle Resources PLC

27 March 2020

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

27 March 2020

Arkle Resources PLC

("Arkle" or the "Company")

Conditional Placing to Raise GBP252,000

Arkle Resources PLC (LON: ARK), the Irish gold and zinc exploration and development company, is pleased to announce that it has undertaken a conditional placing with existing investors to raise GBP252,000 via the issue of 50,400,000 new ordinary shares (the "Placing Shares"), at a placing price of 0.5p per Placing Share (the "Placing Price").

Each Placing Share has one warrant attached with the right to subscribe for one new ordinary share at 0.5p per new ordinary share for a period of two years (the "Placing Warrants").

As the Placing Price is lower than the current nominal value of the Company's existing ordinary shares ("Existing Ordinary Shares"), being EUR0.01 (1 euro cent) each, the Company will shortly be convening an extraordinary general meeting ("EGM"), to be held on 22 April 2020, at which it will be proposed that each of the Existing Ordinary Shares be sub-divided into one New Ordinary Share with a nominal value of EUR0.0025 and one Deferred Share with a nominal value of EUR0.0075 (the "Share Capital Reorganisation").

The Deferred Shares will have no value or voting rights and they will not be admitted to trading on AIM. Following the Share Capital Reorganisation, there will be the same number of New Ordinary Shares in issue as there are Existing Ordinary Shares.

An announcement providing details of the EGM and containing further information regarding the Share Capital Reorganisation will be made in due course.

The funds raised are expected to provide working capital sufficient for requirements for the remainder of 2020 as well as maintaining ongoing exploration activities.

Directors' Holdings

Certain directors of the Company have participated in the conditional placing as follows:

 
 Name              No. of Placing   Resultant Shareholding   % of Enlarged 
                    Shares Issued                             Share Capital 
 
 James Finn        2,500,000        11,563,527               6.33 
 David Cockbill    2,000,000        2,935,408                1.61 
 Patrick Cullen    2,000,000        2,800,000                1.53 
 

Related Party Transaction

The subscription for Placing Shares and Placing Warrants by James Finn, David Cockbill and Patrick Cullen (the "Directors' Participation") is a related party transaction under the AIM Rules for Companies. John Teeling, who is an independent director for the purposes of the transaction, having consulted with the Company's Nominated Adviser, SP Angel Corporate Finance LLP, considers the terms of the Directors' Participation to be fair and reasonable insofar as shareholders are concerned.

Admission and Total Voting Rights

An application will be made for the admission of the Placing Shares to trading on AIM ("Admission"). Assuming the resolutions are passed at the EGM, Admission is expected to occur on or around 23 April 2020.

Following Admission, there will be a total of 182,711,593 ordinary shares in issue with each ordinary share carrying the right to one vote. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

ENDS

Enquiries:

 
 Arkle Resources PLC 
 John Teeling, Chairman           [phone] 
 Patrick Cullen, CEO              [phone] 
                                  [phone] 
 
 
 SP Angel Corporate Finance 
  LLP 
 Matthew Johnson/Soltan Tagiev    [phone] 
 
 
 First Equity Limited 
 Jason Robertson                  [phone] 
 
 Blytheweigh                      [phone] 
 Megan Ray 
 
 Teneo 
 Luke Hogg                        [phone] 
 Alan Tyrrell                     [phone] 
 
 

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM:

 
  1    Details of the persons discharging managerial responsibilities 
        I persons closely associated 
 a)   N a mes                               1. James Finn 
                                             2. David Cockbill 
                                             3. Patrick Cullen 
     ---------------------------------  --------------------------------------------- 
 2    Reason for the notification 
     -------------------------------------------------------------------------------- 
 a)   Position / st a tus                     1. Financial Director/Company Secretary 
                                               2. Non-Executive Director 
                                               3. CEO 
     ---------------------------------  --------------------------------------------- 
 b)   Initial notification / Amendment   Initial notification 
     ---------------------------------  --------------------------------------------- 
 3    Details of the issuer 
     -------------------------------------------------------------------------------- 
 a)   Name                              Arkle Resources PLC 
     ---------------------------------  --------------------------------------------- 
 b)   LEI                                213800CTOO8MOLMNEQ44 
     ---------------------------------  --------------------------------------------- 
 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 fina            Ordinary Shares of EUR0.01 each, where 
       n cial instrume nt , type          each share is accompanied by one warrant. 
       of ins t rument 
     ---------------------------------  --------------------------------------------- 
     Identification code                 ISIN for Ordinary Shares: IE00B2357X72 
     ---------------------------------  --------------------------------------------- 
 b)   Nature of t h e transact           Share purchase - subscription for new 
       i o n                              ordinary shares 
     ---------------------------------  --------------------------------------------- 
 c)   Price(s) a n d vo l ume(s)         Price(s)   Vo l ume(s) 
                                          0.5p       2,500,000 
                                           0.5p       2,000,000 
                                           0.5p       2,000,000 
                                                    ------------ 
     ---------------------------------  --------------------------------------------- 
 d)   Aggregated information             Price(s)   Vo l ume(s) 
       - Aggregated volume                0.5p       6,500,000 
       - Price                                      ------------ 
     ---------------------------------  --------------------------------------------- 
 e)   Date of the transaction            26 March 2020 
     ---------------------------------  --------------------------------------------- 
 f)   Place of the transaction           Off-market 
     ---------------------------------  --------------------------------------------- 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

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March 27, 2020 03:00 ET (07:00 GMT)