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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 |
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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