Mercer Resources PLC Issue of Equity & Convertible Loan Notes (0973I)
May 27 2014 - 5:07AM
UK Regulatory
TIDMMCR
RNS Number : 0973I
Mercer Resources PLC
27 May 2014
Mercer Resources Plc (AIM: MCR)
Issue of Equity & Convertible Loan Notes
The Board of Mercer Resources Plc ("Mercer" or the "Company") is
pleased to announce that it has raised GBP193,500 (before expenses)
from two professional investors by way of a combination of
subscription for new ordinary shares of 0.1 pence each
("Subscription Shares") in the share capital of the Company and
issue of convertible loan notes.
The capital raised will provide Mercer with the financial
flexibility to advance a number of strategic investment discussions
and the implementation of its investing policy. The board is
currently reviewing a number of possible investment opportunities
and will update shareholders of progress in due course.
The Company will issue 10,333,333 Subscription Shares at 1p per
share raising GBP103,333 and GBP90,167 loan notes convertible into
new ordinary shares at 1p ("Loan Notes").
The Loan Notes, which do not carry a coupon, are convertible at
any time until 19 May 2017, at which time, if not converted, the
Loan Notes will become repayable in a single instalment. On full
conversion the note holders would receive 9,016,700 ordinary shares
of 0.1 pence each.
The Subscription Shares will rank pari passu with the existing
ordinary shares of 0.1 pence each in the Company (the "Ordinary
Shares"). Application has been made for admission of the
Subscription Shares to trading on AIM and it is expected that
dealings in the Subscription Shares will commence on or around 2
June 2014.
Following the issue of the Subscription Shares, there will be
89,479,136 Ordinary Shares in issue ("Enlarged Share Capital").
This number may be used by shareholders in the Company as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change in their
interest in, the share capital of the Company.
Inversiones Bergamo Ltd has subscribed for 9,300,000 of the
Subscription Shares, which will represent 10.4 per cent. of the
Enlarged Share Capital. Inversiones Bergamo Ltd has also subscribed
for GBP57,000 of the Loan Notes.
Enquiries:
Trevor Wells Mercer Resources plc 020 3301 9331
Nominated Adviser Cairn Financial Advisers
James Caithie/Avi Robinson LLP 020 7148 7900
Broker Peterhouse Corporate Finance
Jon Levinson/Lucy Williams Limited 020 7469 0936
This information is provided by RNS
The company news service from the London Stock Exchange
END
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