Arkle Resources PLC Placing to Raise £270,000

RNS Number : 8997M

Arkle Resources PLC

02 May 2024

 

 

 

2 May 2024

 

Arkle Resources PLC

 

("Arkle" or the "Company")

 

Placing to Raise £270,000

 

Arkle Resources PLC (AIM:ARK), the Irish Gold and Zinc resources discovery company, is pleased to announce that it has raised £270,000  (before expenses) through a placing of 108,000,000  new ordinary shares at a price of 0.25p per share (the "Placing Shares") (the "Placing"). Each Placing Share has one warrant attached with the right to subscribe for one new ordinary share at 0.35p for a period of two years.

 

USE OF FUNDS

The net funds received from the Placing will be used for the recently announced Lithium exploration programme as well as for general corporate activities.

 

DIRECTOR PARTICIPATION

John Teeling and David Cockbill, both directors of the Company, have participated in the Placing on the same terms as described above as follows:

 

	No. of Placing Shares subscribed for	Resultant shareholding	% of enlarged share capital
John Teeling	10,000,000	51,947,202	9.20
David Cockbill	6,000,000	13,435,408	2.34

                       

 

 

RELATED PARTY TRANSACTION

The participation of John Teeling and David Cockbill in the Placing is a related party transaction for the purposes of AIM Rule 13 of the AIM Rules for Companies. The Director independent of the Placing (being James Finn) considers, having consulted with SP Angel Corporate Finance LLP, the Company's Nominated Adviser, that the participation in the Placing by Mr Teeling and Mr Cockbill is fair and reasonable in so far as Arkle's shareholders are concerned.

 

ADMISSION AND TOTAL VOTING RIGHTS

An application will be made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and that dealings in the Placing Shares on AIM will commence on or around 9 May 2024.

 

In accordance with the FCA's Disclosure Guidance and Transparency Rules, the Company confirms that on completion of the Placing and following Admission, the Company's enlarged issued ordinary share capital will comprise 564,810,997 Ordinary Shares.

 

The Company does not hold any Ordinary Shares in Treasury.  Therefore, following Admission, the above figure may be used by shareholders in the Company as the denominator for the calculations to determine if they are required to notify their interest in, or a change to their interest in the Company, under the FCA's Disclosure Guidance and Transparency Rules.

 

Market Abuse Regulation (MAR) Disclosure

 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

 

 

ENDS

 

Enquiries:

 

Arkle Resources PLC
John Teeling, Chairman	[phone]
Jim Finn, Finance Director	[phone]
SP Angel Corporate Finance LLP Nominated Adviser & Joint Broker
Matthew Johnson	[phone]
Adam Cowl
Kasia Brzozowska
First Equity Limited
Joint Broker
Jason Robertson	[phone]
BlytheRay	[phone]
Megan Ray
Teneo
Luke Hogg	[phone]
Alan Tyrrell
Fia Long
Alan Reynolds

 

Dealings by Persons Discharging Managerial Responsibilities

 

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	1)    John Teeling 2)    David Cockbill
2	Reason for the notification
a)	Position/status	1)    Chairman 2)    Director
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
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 financial instrument, type of instrument	Ordinary Shares of €0.0025 each.
	Identification code	ISIN: IE00B2357X72
b)	Nature of the transaction	Participation in Placing
c)	Price(s) and volume(s)		Director Price Volume John Teeling                0.25p 10,000,000 David Cockbill 0.25p 6,000,000
d)	Aggregated information
	- Aggregated volume	N/A
	- Price	0.25 pence
e)	Date of the transaction	2 May 2024
f)	Place of the transaction	Off-market

 

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	1)    John Teeling 2)    David Cockbill
2	Reason for the notification
a)	Position/status	1)    Chairman 2)    Director
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
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 financial instrument, type of instrument	Ordinary Shares of €0.0025 each.
	Identification code	ISIN: IE00B2357X72
b)	Nature of the transaction	Grant of warrants
c)	Price(s) and volume(s)		Director Price Volume John Teeling               0.35p 10,000,000 David Cockbill 0.35p 6,000,000
d)	Aggregated information
	- Aggregated volume	N/A
	- Price	0.35 pence
e)	Date of the transaction	2 May 2024
f)	Place of the transaction	Off-market

 

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END

 

 

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