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GEO Georgian Mining Corporation

1.40
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
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 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Georgian Mining Corporation Placing and Subscription to Raise £380,000 (9164Z)

23/05/2019 7:00am

UK Regulatory


Georgian Mining (LSE:GEO)
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TIDMGEO

RNS Number : 9164Z

Georgian Mining Corporation

23 May 2019

23 May 2019

Georgian Mining Corporation

Placing and Subscription to Raise GBP380,000

Georgian Mining Corporation ('GEO' or the 'Company') is pleased to announce that it has raised GBP380,000 by way of a placing and subscription of 19,000,000 new ordinary shares of no par value in the capital of the Company (the 'Placing Shares'), with new and existing shareholders in the Company, at a price of 2 pence per Placing Share (the 'Placing').

Mr Peter Damouni, Non-Executive Director of the Company has subscribed for 500,000 Placing Shares. Following this purchase, Mr Damouni's total beneficial ownership in the Company is 907,500 ordinary shares of no par value in the capital of the Company ("Ordinary Shares") representing 0.79% of the Company's issued share capital.

The net proceeds of the Placing will be primarily used to sustain operations in Georgia during the extended exploration permit renewal process, for identifying compelling new assets on which the Company can add short term value, as well as for general working capital purposes.

In addition, certain directors of the Company, being Neil O'Brien, Gregory Kuenzel, Laurence Mutch and Peter Damouni have agreed to completely write off their accrued compensation for the past 12 months. Michael Struthers, CEO of the Company, has agreed to write off part of his compensation for the past 12 months. The total amount of the write off will total approximately GBP275,000.

GEO's CEO, Mike Struthers said, "We're pleased to secure further support from our existing shareholders in this challenging period for the Company, allowing us to continue to try to unlock the permitting challenge with the Government in Georgia, and to further assess the potential for adding new assets into the Company on which we can add value in the short term. We have an excellent team in Georgia who are highly motivated and eager to prove themselves. I hope we can provide them that opportunity for the benefit of all our shareholders in the near future."

Application for Admission

The Placing Shares will rank pari passu in all respects with the existing ordinary shares of no par value in the capital of the Company. 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 on or around 30 May 2019.

As a result of the issue of the Placing Shares as described above, the issued share capital of the Company now consists of 133,756,991 ordinary shares of no par value.

Mr Peter Damouni is a non-executive director of the Company, and is therefore regarded as a related party as defined by the AIM Rules for Companies (the "AIM Rules"). Mr Damouni's participation in the Placing is therefore classified as a related party transaction for the purposes of Rule 13 of the AIM Rules. Michael Struthers, Greg Kuenzel, Neil O'Brien and Laurie Mutch, being the independent directors for the purposes of Rule 13, consider, having consulted with the Company's Nominated Adviser, SP Angel Corporate Finance LLP, that the terms of the related party transaction are fair and reasonable insofar as the shareholders of the Company are concerned.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

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

 
 1.   Details of the person discharging managerial responsibilities/person 
       closely associated 
 a)   Name:                                      Peter Damouni 
     -----------------------------------------  ------------------------------------- 
 2.   Reason for the notification 
     -------------------------------------------------------------------------------- 
 a)   Position/status:                           Non-Executive Director 
     -----------------------------------------  ------------------------------------- 
 b)   Initial notification/Amendment:            Initial notification 
     -----------------------------------------  ------------------------------------- 
 3.   Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     -------------------------------------------------------------------------------- 
 a)   Name:                                      Georgian Mining Corporation 
     -----------------------------------------  ------------------------------------- 
 b)   LEI:                                       2138002IOR7OCZZPB279 
     -----------------------------------------  ------------------------------------- 
 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,   Ordinary shares of no 
       type of instrument:                        par value 
       Identification code:                       VGG9688A1003 
     -----------------------------------------  ------------------------------------- 
 b)   Nature of the transaction:                 Purchase of ordinary 
                                                  shares 
     -----------------------------------------  ------------------------------------- 
 c)   Price(s) and volume(s):                      Price(s)    Volume(s) 
                                                    2 pence     500,000 
                                                               ---------- 
     -----------------------------------------  ------------------------------------- 
 d)   Aggregated information:                    Single transaction as 
       Aggregated volume:                         in 4 c) above Price(s)    Volume(s) 
       Price:                                      2 pence     500,000 
                                                              ---------- 
     -----------------------------------------  ------------------------------------- 
 e)   Date of the transaction:                   2019-05-22 
     -----------------------------------------  ------------------------------------- 
 f)   Place of the transaction:                  Off-market 
     -----------------------------------------  ------------------------------------- 
 

**ENDS**

For further information please visit www.georgianmining.com or contact:

 
 Mike Struthers     Georgian Mining Corporation   Company          Tel: 020 7907 
                                                                    9327 
 Ewan Leggat        S. P. Angel Corporate         Nomad & Broker   Tel: 020 3470 
                     Finance LLP                                    0470 
 Soltan Tagiev      S. P. Angel Corporate         Nomad & Broker   Tel: 020 3470 
                     Finance LLP                                    0470 
 Damon Heath        Shard Capital Partners        Joint Broker     Tel: 020 7186 
                     LLP                                            9950 
 Camilla Horsfall   Blytheweigh                   PR               Tel: 020 7138 
                                                                    3224 
 Julia Tilley       Blytheweigh                   PR               Tel: 020 7138 
                                                                    3553 
 Simon Woods        Blytheweigh                   PR               Tel: 020 7138 
                                                                    3204 
 

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 rns@lseg.com or visit www.rns.com.

END

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May 23, 2019 02:00 ET (06:00 GMT)

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