ZincOx Resources PLC Fundraising (4768B)
17 6월 2016 - 3:00PM
UK Regulatory
TIDMZOX
RNS Number : 4768B
ZincOx Resources PLC
17 June 2016
17 June 2016
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", the "Company" or the "Group")
Fundraising through a Conditional Placing
to raise GBP300,000 and Board Change
The Company is pleased to announce that it has raised GBP300,000
by way of a conditional placing of 30,000,000 shares at a price of
1p per share before expenses.
Highlights
-- 30 million new Ordinary Shares conditionally placed with
shareholders to raise GBP300,000 before expenses.
-- Placing price of 1 penny per share representing a premium of
approximately 60 per cent. to the closing mid-market price of 0.625
pence on 16 June 2016 (being the latest practicable date prior to
the date of this Announcement).
-- Proceeds of the Placing will be used for working capital to
follow up on various opportunities referred to below.
-- The Placing is conditional only on Admission.
Commenting on the announcement, Rod Beddows, the Chairman of
ZincOx, said "This Placing gives the Company the wherewithal to
evaluate various exciting opportunities using our extensive
metallurgical expertise."
For further information, please contact:
Tel: +44 (0)
ZincOx Resources plc 1276 45 0100
Andrew Woollett, Chief Executive
Peel Hunt LLP (Nominated Adviser Tel: +44 (0)
and Broker) 207 418 8900
Richard Kauffer
Euan Brown
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")
Fundraising through a Conditional Placing
to raise GBP300,000 and Board Change
1. Details of the Placing
The Company has, conditional on Admission, raised
GBP300,000 (before expenses) by the issue of 30
million Ordinary Shares (the "Placing Shares") at
a price of 1 penny per share.
The Placing Price represents a premium of approximately
60 per cent. to the closing mid-market price of
0.625 pence per Ordinary Share on 16 June 2016,
being the latest practicable date prior to the publication
of this announcement. The 30 million Placing Shares
will represent approximately 14.2 per cent. of the
current issued share capital of the Company. Following
the issuance of the Placing Shares, the enlarged
issued share capital of the Company will be 240,413,419
Ordinary Shares.
Application has been made to the London Stock Exchange
Plc for the Placing Shares to be admitted to trading
on AIM. The Placing Shares are expected to commence
trading at 8.00am on 20 June 2016 and will rank
pari passu in all respects with the existing Ordinary
Shares.
2. Background to the Placing and Use of Proceeds
Following the disposal of 90% of the Company's interest
in the Korean Recycling Plant (KRP), the Company
has no immediate incoming cashflow and is therefore
considering a number of new opportunities, including
the use of its established intellectual property
as previously reported.
The Company is continuing its discussions with potential
strategic and project specific partners for the
development of new recycling and other projects.
In addition, the Company, as a cash shell, is looking
at other opportunities which, if successful, would
be brought to the shareholders.
More specifically the Company is working with EETAC,
a consortium of US and international investors,
which is examining the possibility of bidding for
certain assets associated with the estate of Doe
Run Peru. Specifically, EETAC is considering making
a bid for the metallurgical complex of La Oroya
and Cobriza mine located in Peru. ZincOx is advising
EETAC on technical, operational and business aspects
relating to restart of the zinc circuit at a rate
of 75,000 tonnes per annum. ZincOx is negotiating
a carried interest in the project.
The Doe Run Peru metallurgical complex of La Oroya
is one of the largest polymetallic treatment facilities
in the world, which has historically produced annually
up to 53,000 tonnes of copper, 79,000 tonnes of
zinc, 114,000 tonnes of lead, 1,000 tonnes of silver,
as well as six other metals including gold. The
complex is located in the high Andes approximately
120 km east of Lima, in the heart of one of the
world's most important base metal producing regions.
The complex is presently in liquidation.
The Company is also working with GreenNovo Environmental
Technology Co Ltd (GreenNovo), www.greennovo.com,
to identify suitable zinc processing and dust recycling
opportunities inside and outside China.
GreenNovo is the world's largest recycler of steel
waste dusts, processing over 1.3 million tonnes
annually. GreenNovo operates sixteen Waelz kilns
across China and processes their zinc bearing concentrates
by leaching and electrowinning to make SHG zinc
metal and six other by-products. GreenNovo is keen
to expand internationally and into other metals.
Following the Placing, the net cash resources available
to the Company will be approximately GBP440,000
at the end of June. The Company estimates that this
should provide sufficient cash to pursue a number
of opportunities over the next twelve months.
Since the current Placing is at a significant premium
to the current share price, and given the limited
cash resources available to the Company and the
costs associated with such transactions, the Company
has decided not to offer shares to existing shareholders
under an Open Offer.
3. Total Voting Rights
Subsequent to the issuance of the Placing Shares,
the Company will have 240,413,419 Ordinary Shares
in issue. The Company does not hold any shares in
treasury. Accordingly, following admission of the
Placing Shares, the total number of Ordinary Shares
and voting rights in the Company is 240,413,419.
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 share capital
of the Company under the Disclosure and Transparency
Rules of the UK Financial Conduct Authority.
4. Board Changes
As previously mentioned, ZincOx is continuing to
drive down costs and overheads and as part of this
we are very sorry indeed to be losing Simon Hall
and the Board thanks him for his dedication to the
Group throughout his tenure and wishes him well
for the future. Simon will be replaced by a part
time Finance Director in due course.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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June 17, 2016 02:00 ET (06:00 GMT)
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