Tectonic Gold Plc Exercise of warrants and issue of equity
March 24 2021 - 3:00AM
UK Regulatory
TIDMTTAU
24 March 2021
TECTONIC GOLD PLC
("Tectonic Gold" or the "Company")
Exercise of warrants and issue of equity
As announced on 5 March 2021, Tectonic Gold plc (TDIM: TTAU) has received
support from existing warrantholders to exercise the drill warrants issued in
September 2020 to raise over £500,000 to fund further drilling by the
Company. The Company has received indications for the exercise of over
90,000,000 warrants from the holders of the outstanding drill warrants. It is
expected that these warrants will be exercised shortly, and the Company expects
to be fully funded for the next drilling programme.
A number of warrant holders have elected to exercise at 31 March 2021, ahead of
the tax year end, with others indicating they will fund at the end of the call
period, which is 5 April 2021. As part of this exercise, the Company has made
an application to the Aquis Stock Exchange for the admission to trading on the
Aquis Stock Exchange Growth Market ("Admission") of a further 22,836,361 new
ordinary shares of £0.01 in the capital of the Company ("New Ordinary Shares").
The New Ordinary Shares are issued pursuant to the exercise of drill warrants
to subscribe for new Ordinary Shares at a price of 0.7p per Ordinary Share,
generating proceeds of £159,854.53 for the Company. The New Ordinary Shares
will rank pari passu in all respects with the Company's existing ordinary
shares and Admission is expected to become effective on 29 March 2021.
In accordance with the agreement reached with exercising warrantholders, the
Company has issued 11,418,182 new warrants on a one-for-two basis whereby each
warrantholder, has agreed to be subject to a lock-in until 22 February 2022 in
regards to the Ordinary Shares resulting from the exercise of the drill
warrants, and will therefore receive one new warrant to subscribe for a new
Ordinary Share at 1.4p per share for every 2 existing drill warrants exercised.
The warrants will have an expiry date of 22 February 2022.
Total Voting Rights
Following Admission of the 22,836,361 New Ordinary Shares on 29 March 2021, the
Company's enlarged issued share capital will comprise of 874,508,190 ordinary
shares, each with voting rights. This 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 a change to their interest in, the
Company, under the Disclosure and Transparency Rules.
For further information, please contact:
Tectonic Gold plc +61 2 9241 7665
Brett Boynton
Sam Quinn
www.tectonicgold.com
@tectonic_gold
Aquis Stock Exchange Corporate Adviser and
Broker +44 20 3005 5004
VSA Capital Limited
Andrew Raca - Corporate Finance
Andrew Monk - Corporate Broking
Ends
END
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