ZincOx Resources PLC Result of General Meeting and Open Offer (3100U)

TIDMZOX

RNS Number : 3100U

ZincOx Resources PLC

29 November 2013

29 November 2013

Not for release, publication or distribution, directly or indirectly, in whole or in part, in or into the United States of America, Canada, Australia, The Republic of South Africa, Japan, New Zealand or Russia.

ZincOx Resources plc

("ZincOx" or the "Company")

Result of General Meeting and Open Offer

On 12 November 2013, the Board of ZincOx Resources plc, the developer of Asia's largest zinc recycling project (AIM: ZOX),announced details of a proposed Subscription of New Ordinary Shares, a proposed Placing of New Ordinary Shares and a proposed Open Offer of New Ordinary Shares to raise up to approximately GBP5.59 million in total.

At the General Meeting held earlier today, all Resolutions proposed in connection with the Proposals were passed by Shareholders.

The Open Offer closed for acceptances at 11.00 a.m. on 27 November 2013. The Company received valid acceptances from Qualifying Shareholders in respect of 3,620,341 Open Offer Shares, including applications for 993,932 Open Offer Shares under the Excess Application Facility. This represents approximately 49 per cent. of the maximum Open Offer Shares available under the Open Offer. The Company has therefore raised the gross proceeds of approximately GBP0.56 million through the Open Offer.

In addition, at an exchange rate of GBP1.00/US$1.6166, the IFC will subscribe for 15,963,412 Ordinary Shares.

Also following the Resolutions in relation to the Capital Reorganisation, the nominal value of each Ordinary Share is now 1p per share.

Application has been made to AIM for the admission of the Open Offer Shares, the Subscription Shares and the Placing Shares, aggregating to 32,113,913 New Ordinary Shares of 1p each. It is expected that Admission will become effective at 8.00 a.m. on 3 December 2013. The New Ordinary Shares, when issued and fully paid, will rank pari passu in all respects with the Existing Ordinary Shares of 1p each.

The following table sets out the Directors' shareholding and percentage interest in the issued share capital of the Company following Admission, including shares taken up by Directors in the Open Offer:

 
       Name          No. of Existing   Placing      No. of       % of Enlarged     No. of New 
                         Ordinary       Shares    New Ordinary    Issued Share      Ordinary 
                        Shares as                    Shares        Capital on      Shares over 
                         at date                  on Admission     Admission      which options 
                         of this                                                   are granted 
                         document 
------------------  ----------------  --------  --------------  --------------  --------------- 
 Andrew Woollett           3,773,643   400,000       4,173,643            3.08        1,415,854 
------------------  ----------------  --------  --------------  --------------  --------------- 
 Rod Beddows                 122,500   400,000         522,500            0.39                0 
------------------  ----------------  --------  --------------  --------------  --------------- 
 Gautam Dalal                400,000   160,000         560,000            0.41                0 
------------------  ----------------  --------  --------------  --------------  --------------- 
 Jacques Dewalens             71,445         0          71,445            0.05          700,000 
------------------  ----------------  --------  --------------  --------------  --------------- 
 Simon Hall                   85,000         0          85,000            0.06          931,318 
------------------  ----------------  --------  --------------  --------------  --------------- 
 

The New Ordinary Shares (in uncertificated form) are expected to be credited to CREST accounts on 3 December 2013 and definitive share certificates for the New Ordinary Shares (in certificated form) are expected to be despatched to certificated shareholders by 12 December 2013.

Following Admission of the New Ordinary Shares and in accordance with Disclosure and Transparency Rules, the Company's issued voting ordinary share capital is now comprised of 135,580,629 Ordinary Shares of 1 pence each.

The above figure may be used by shareholders as a denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, ZincOx under the FCA's Disclosure and Transparency Rules.

All defined terms in this announcement shall have the meanings ascribed to them in the announcement and/or circular published by the Company on 12 November 2013.

For further information, please visit www.zincox.com or contact:

 
 ZincOx Resources plc                         Tel: [phone] 
  Andrew Woollett, Executive Chairman          0100 
 
 Peel Hunt LLP (Nominated Adviser and         Tel: [phone] 
  Joint Broker)                                8900 
  Richard Kauffer / Daniel Harris / Matthew 
  Brooke-Hitching 
 
 finnCap Limited (Joint Broker)               Tel: [phone] 
  Matthew Robinson / Joanna Weaving            0500 
 
 Tavistock Communications (Financial PR)      Tel: [phone] 
  Simon Hudson / Nuala Gallagher               3150 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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