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Clontarf Energy Announces Placing to Raise £250,000

Source: 9/22/2016, Location: Europe

The Directors of Clontarf are pleased to announce that, in response to exceptional institutional demand, the Company has raised £250,000 (before expenses) via the placing of 47,619,048 ordinary shares (the "Placing Shares") with new and existing investors at an increased price of 0.525p per Placing Share (the "Placing"). The Placing Shares represent approximately 8.18% of the Company's issued share capital as enlarged by the Placing.

The net proceeds of the Placing will fund any costs associated with the ongoing negotiations regarding the Company's Ghanaian assets and will also provide the Company with additional working capital, as the Company's board continues to assess new projects in areas which may become available for exploration.

The Placing shares will rank pari passu with the Company's existing ordinary shares of 0.25p each (the "Ordinary Shares"). Application will be made for the Placing Shares to be admitted to trading on AIM (Admission) and it is expected that such Admission will become effective on or around 27th September 2016.

Following the Admission of the Placing Shares, there will be a total of 581,844,829 Ordinary Shares in issue with each share carrying the right of one vote. The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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