Reabold Resources PLC Notice of GM (4854R)

TIDMRBD

RNS Number : 4854R

Reabold Resources PLC

22 September 2017

 
 For immediate release   22 September 2017 
 
 

Reabold Resources plc ("Reabold" or the "Company")

Notice of General Meeting

Further to the announcement of 20 September 2017, Reabold, the AIM listed investment company operating in the natural resources sector, is pleased to announce that it is today posting a notice of general meeting ("the Notice") to shareholders, and the Notice is available on the Company website www.reabold.com.

The general meeting (the "Meeting") will take place at the offices of Hill Dickinson LLP at 105 Jermyn Street, London SW1Y 6EE at 10.30 a.m. on 12 October 2017.

Background

As announced by the Company on 20 September 2017, the Company has raised GBP3,960,000 in aggregate (before expenses) by way of a placing (the "Placing") of 792,000,000 new ordinary shares of GBP0.001 each at a placing price of GBP0.005 per share. In settlement of broker fees for work on the Placing, the Company will also be issuing 2,000,000 new ordinary shares to Turner Pope on the same terms as the Placing (the "Broker Shares").

Settlement for the Placing Shares, the Broker Shares and Admission is expected to take place on or before 8.00 a.m. on 25 September 2017. The Placing is conditional upon, among other things, Admission becoming effective and the Placing Agreement not being terminated in accordance with its terms.

The Placing Shares will represent approximately 66.6% of the Company's enlarged issued share capital. Following completion of the Placing and the issue of the Broker Shares, the number of shares in issue will be 1,188,415,896 (the "Enlarged Issued Share Capital").

The funds raised from the Placing will allow the Company to pursue further investment opportunities in accordance with its investing policy.

The Placing and the issue of the Broker Shares will utilise nearly all of the Directors' current authorities to issue new ordinary shares free of pre-emption rights and accordingly they are seeking shareholders' authority to issue up to a further 1,000,000,000 shares in order to facilitate a further placing as well as providing additional headroom for the future issue of further new ordinary shares. If such authority were to be granted, the 1,000,000,000 shares would represent approximately 84.1% of the Enlarged Issued Share Capital. The Directors wish to undertake a further placing and, while there can be no certainty that such a placing will succeed, believe that investor interest exists for a placing of up to GBP1,500,000, with the proceeds being to allow the Company to pursue further investment opportunities in accordance with its investing policy.

Resolutions

The resolutions to be considered at the Meeting are set out below.

Resolution 1 - Authority of Directors to allot shares

This is an Ordinary Resolution granting general authority to the directors to allot new ordinary shares up to an aggregate nominal amount of GBP1,000,000. The authority will expire on the date of the next annual general meeting of the Company.

Resolution 2 - Dis-application of pre-emption rights

This is a Special Resolution authorising the directors to allot ordinary shares for cash up to the thresholds described in Resolution 1 on a non pre-emptive basis pursuant to the authority conferred by Resolution 1 above. This will allow the board to allot shares without recourse to the shareholders so that it can issue shares for cash, grant options and allot shares to directors, employees and consultants pursuant to share option and incentives plans of the Company and move quickly from time to time as it deems appropriate. If the authority is granted, it would only be exercised if the Directors believe that to do so would be in the best interest of the shareholders as a whole. This authority will expire at the commencement of the next annual general meeting.

Enquiries:

 
 Reabold Resources plc 
  Jeremy Edelman                         [phone] 
  Anthony Samaha                                    0640 
 Beaumont Cornish Limited - Nominated 
  Adviser and Joint Broker 
  Roland Cornish                         [phone] 
  Felicity Geidt                                    3396 
 Whitman Howard Limited - Joint 
  Broker 
  Nick Lovering                          [phone] 
  Grant Barker                                      1234 
 Turner Pope Investments (TPI) 
  Ltd - Placing Agent 
  James Pope                             [phone] 
  Ben Turner                                        4120 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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September 22, 2017 02:01 ET (06:01 GMT)