Share Name Share Symbol Market Type Share ISIN Share Description
Richland Resources Ltd LSE:RLD London Ordinary Share BMG7567C1064 COM SHS USD0.0003
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.0025 -3.13% 0.0775 0.075 0.08 0.08 0.0775 0.08 9,081,633 08:19:09
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 0.1 -0.1 -0.2 - 1

Richland Resources Ltd Fee Conversions and Director's Dealing

29/08/2019 2:30pm

UK Regulatory (RNS & others)


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RNS Number : 6017K

Richland Resources Ltd

29 August 2019

29 August 2019

Richland Resources Ltd

("Richland" or the "Company")

Fee Conversions, Director's Dealing and Issue of Equity

Richland (AIM: RLD), the Australian sapphire producer and gemstones developer, announces, further to its final results announcement of 28 June 2019, the conversion by a Director and senior management of an aggregate amount of GBP70,360 (comprising US$86,250 at the USD:GBP exchange rate of 1.22584 on 28 August 2019) of unpaid fees accrued for periods up to 30 June 2019 into new common shares of US$0.0003 each in the capital of the Company ("Common Shares") (the "Fee Conversions"). Pursuant to the Fee Conversions, the Company is today issuing, in aggregate, 108,246,025 new Common Shares (the "Conversion Shares") at an issue price of 0.065 pence per share (the "Conversion Price"), being the Company's closing mid-market share price on 28 August 2019 and representing a premium of approximately 3.17% to the placing price of 0.063 pence per share for the Company's last equity fundraising of 4 July 2019.

The Fee Conversions will assist the Company in conserving its cash resources whilst it seeks to: i) complete the previously announced disposal of its wholly owned Capricorn Sapphire Project to Fura Gems Inc ("Fura"), which is listed on the TSX Venture Exchange (the "Fura Transaction") and ii) thereafter, identify and evaluate suitable reverse takeover opportunities in the mining sector.

Application will be made to the London Stock Exchange for the abovementioned, 108,246,025 Conversion Shares to be admitted to trading on AIM and it is expected that admission will become effective and that dealings in the Conversion Shares will commence at 8.00 a.m. on 4 September 2019 ("Admission"). Following Admission, the Company will have 859,139,558 Common Shares with voting rights in issue and holds a further 7,275,000 Common Shares in treasury.

The allocation of the Conversion Shares is set out below:

 
 Director               39,219,575 
 Senior Management      69,026,450 
--------------------  ------------ 
 Total                 108,246,025 
 

Following Admission, the beneficial shareholdings of the Richland director receiving Conversion Shares will be as follows:

 
 Director          Position                     Number of Conversion   Total Number of Common       % of voting rights 
                                               Shares to be received           Shares held on        held on Admission 
                                                                                    Admission 
 Anthony Brooke    Chief Executive Officer                39,219,575               54,961,530                     6.40 
 

In addition, the resulting interests of the following persons also receiving Conversion Shares in the capital of the Company will be as follows:

 
 Person                         Number of Conversion Shares       Total Number of Common    % of voting rights held on 
                                             to be received     Shares held on Admission                     Admission 
 Louis Swart                                     31,375,660                   51,222,162                          5.96 
 Strategic Investments 
  International Ltd                              37,650,790                   54,304,379                          6.32 
 

Related Party Transaction

The conversion of accrued fees into new Common Shares by Anthony Brooke, as detailed above, is deemed to be a related party transaction pursuant to Rule 13 of the AIM Rules for Companies. Accordingly, the independent directors for the purposes of the issue of the Conversion Shares to such individual, being Edward Nealon and Nicholas Sibley, having consulted with the Company's Nominated Adviser, Strand Hanson Limited, consider that the terms of the issue of the Conversion Shares to such individual are fair and reasonable insofar as the Company's shareholders are concerned.

For further information, please contact:

 
 Anthony Brooke               Edward Nealon                     Mike Allardice 
 Chief Executive Officer       Chairman                         Group Company Secretary 
 +66 81 854 1755               +61 409 969 955                  +852 91 864 854 
 Nominated Adviser            Broker 
  Strand Hanson Limited       Peterhouse Capital Limited 
  James Harris                Duncan Vasey / Lucy Williams 
  Matthew Chandler            (Broking) 
  James Dance                 Eran Zucker (Corporate 
  +44 (0) 20 7 409 3494       Finance) 
                              +44 (0) 20 7 469 0930 
 
 
 
 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR").

PDMR Notification Form:

The notification below is made in accordance with the requirements of MAR.

 
 1.   Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                              Anthony Brooke 
     --------------------------------  ---------------------------------- 
 2.   Reason for the Notification 
     -------------------------------------------------------------------- 
 a)   Position/status                   Chief Executive Officer 
     --------------------------------  ---------------------------------- 
 b)   Initial notification/amendment    Initial notification 
     --------------------------------  ---------------------------------- 
 3.   Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     -------------------------------------------------------------------- 
 a)   Name                              Richland Resources Ltd 
     --------------------------------  ---------------------------------- 
 b)   LEI                               213800ZBDLZC9TO5W864 
     --------------------------------  ---------------------------------- 
 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      Common shares of US$0.0003 each 
       instrument, type of instrument 
     --------------------------------  ---------------------------------- 
      Identification code               BMG7567C1064 
     --------------------------------  ---------------------------------- 
 b)   Nature of the Transaction         Conversion of unpaid fees 
     --------------------------------  ---------------------------------- 
 c)   Price(s) and volume(s)             Price(s)   Volume(s) 
                                          0.065p     39,219,575 
                                                    ----------- 
     --------------------------------  ---------------------------------- 
 d)   Aggregated information            N/A (Single transaction) 
       Aggregated volume Price 
     --------------------------------  ---------------------------------- 
 e)   Date of the transaction           29 August 2019 
     --------------------------------  ---------------------------------- 
 f)   Place of the transaction          London Stock Exchange, AIM Market 
                                         (XLON) 
     --------------------------------  ---------------------------------- 
 

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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