Red Leopard Holdings PLC Placing to raise £175,000 & loan note conversion (2272V)
August 05 2015 - 10:50AM
UK Regulatory
TIDMRLH
RNS Number : 2272V
Red Leopard Holdings PLC
05 August 2015
5 August 2015
Red Leopard Holdings Plc
("Red Leopard" or the "Company")
Placing to raise GBP175,000 & loan note conversion
Placing
Red Leopard is pleased to announce that the Company has raised a
total of GBP175,000 before expenses through the placing of
175,000,000 ordinary shares of 0.1p each ("Ordinary Shares") at a
price of 0.1p each with new investors introduced by Beaufort
Securities Limited (the "Placing"). Subscribers for these Ordinary
Shares under the Placing will also be granted 1.5 warrants for
every 1 share subscribed for under the Placing, to subscribe for
further Ordinary Shares at a price of 0.1p per share, valid for 3
years.
Use of funds
The net proceeds of the Placing will enable the Company to
access and clear the Idora Tunnel for the purposes of exploration
on its mining claims in the vicinity of Shoshone County, Idaho. The
Placing will also provide the Company with additional working
capital.
Loan note conversion
The Company also announces that it has received a request from
City & Westminster Corporate Finance LLP to convert all
GBP20,000 of its convertible loan notes currently in issue into
20,000,000 Ordinary Shares at a conversion price of 0.1p (the
"Conversion"). Following the Conversion, Red Leopard will no longer
have convertible loan notes outstanding and City and Westminster
will hold 3.57% of the Company's enlarged issued share capital with
voting rights.
Directors' Subscription and related party transaction
The directors of Red Leopard are also subscribing for a total of
131,458,333 Ordinary Shares in the Company, at a price of 0.1p, in
order to satisfy their accrued salaries and fees from the last
eighteen months (the "Directors' Subscription"). A summary of the
Directors' Subscription is set out below:
Director Holding Percentage Number of Holding Percentage
prior to of Ordinary Ordinary following of Ordinary
Directors' Shares prior Shares pursuant Directors' Shares following
Subscription to Directors' to Directors' Subscription Placing,
Subscription Subscription Conversion
and Directors'
Subscription
--------------- -------------- --------------- ----------------- -------------- ------------------
John May 29,224,571 11.2% 47,916,667 77,141,238 13.16%
--------------- -------------- --------------- ----------------- -------------- ------------------
Stuart Adam 10,030,555 3.9% 47,916,667 57,947,222 9.88%
--------------- -------------- --------------- ----------------- -------------- ------------------
Howard Crosby 1,215,278 0.5% 35,624,999 36,840,277 6.28%
--------------- -------------- --------------- ----------------- -------------- ------------------
Total 40,470,404 15.6% 131,458,333 171,928,737 29.32%
--------------- -------------- --------------- ----------------- -------------- ------------------
The Directors' Subscription is classified as a related party
transaction in accordance with AIM Rule 13. The Company's Nominated
Adviser considers that the terms of the Director's Subscription are
fair and reasonable insofar as the Company's shareholders are
concerned.
Total voting rights
Application will be made for 326,458,333 new Ordinary Shares to
be admitted to trading on AIM, with dealings expected to commence
on 19 August 2015. The new Ordinary Shares will, when issued, rank
pari passu in all respects with the existing issued shares of the
Company. Following admission of the new ordinary shares the Company
will have 586,279,061 Ordinary Shares of 0.1p, with voting rights,
in issue. 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 in their
interest in, the share capital of the Company under the FCA's
Disclosure and Transparency Rules.
Enquiries:
Red Leopard Holdings PLC
-------------------------------------------------------
John May, Chairman Tel: +44 (0) 207 917 6826
--------------------------- --------------------------
Northland Capital Partners Limited
-------------------------------------------------------
David Hignell/Gerry Beaney Tel: +44 (0) 207 382 1100
--------------------------- --------------------------
Beaufort Securities Limited
-------------------------------------------------------
Zoe Alexander Tel: +44 (0) 207 382 8300
--------------------------- --------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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