25 October 2013
Oracle Coalfields PLC
("Oracle", the "Company" or the "Group")
£0.9m Placing
Oracle Coalfields PLC (AIM:ORCP), the developer of a lignite mineral property located in the south-eastern desert of the Sindh Province, Pakistan, announces that it has, via a cash box placing, raised £804,516 (before expenses) in a placing of 44,695,333 new ordinary shares of 0.1 pence each, which includes the cash subscription of Mr Adrian Loader and Mr Simon Smith as per the table below, ("Placing Shares") at a placing price of 1.8 pence per share. Additionally Directors and Senior Managers have taken up 4,020,453 shares in lieu of cash remuneration of £72,368, making a total of £876,884. The Placing Shares will represent approximately 14.89 per cent. of the enlarged issued share capital of the Company. Oracle's broker, Peterhouse Corporate Finance, has placed these shares conditionally upon their admission to trading on AIM.
Oracle is also pleased to announce that Mr Simon Smith has been appointed as Finance Manager replacing the interim Finance Manager Tony Everitt. Simon has a background in finance resulting from a twenty-five year career in Shell during which he held a variety of overseas posts. Simon is a Chartered Accountant. Tony Everitt remains as Company Secretary.
Use of Funds
The funds raised will provide the Company with working capital in connection with the recently announced Joint Development Agreement for its mine development and power plant construction project with the Chinese State Owned Enterprise, CAMCE and affiliates, as well as to advance preparatory work covering the creation of efficient corporate and taxation structures for these operations and attendant statutory and other legal requirements.
Shahrukh Khan, CEO of Oracle commented, "This fund raising will allow the Company to complete the final steps on the main project development including corporate and tax structures. It will also enable the Company to work towards financial closure in 2014".
Directors' subscription for the Company's shares and Related Party Transaction
Directors and senior managers are also subscribing for additional shares in the Company, as set out in the table below :
Director/ Manager |
Beneficial Holding prior to the Placing |
Issued Share capital prior to the Placing |
Number of Placing Shares |
Beneficial Holding immediately after the Placing |
% of enlarged Share Capital |
In lieu of remuneration |
By cash subscription |
DIRECTORS |
|
|
|
|
|
Adrian Loader |
1,781,665 |
0.64% |
630,239 |
555,556 |
2,967,460 |
0.91 |
Shahrukh Khan |
30,839,206 |
11.08% |
1,556,759 |
- |
32,395,965 |
9.91 |
Roderick Stead |
453,332 |
0.16% |
312,533 |
- |
765,865 |
0.23 |
Anthony Scutt |
546,332 |
0.20% |
312,533 |
- |
858,865 |
0.26 |
MANAGEMENT |
|
|
|
|
|
Brian Rostron |
855,901 |
0.31% |
1,208,389 |
- |
2,064,290 |
0.63 |
Simon Smith |
- |
- |
- |
75,000 |
75,000 |
0.02 |
TOTAL |
34,476,436 |
|
4,020,453 |
630,556 |
39,127,445 |
|
The Directors' participation in the Placing, when considered on an aggregated basis, 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 participation in the Placing are fair and reasonable insofar as the shareholders of the Company are concerned.
Settlement and dealings
Application for the Placing Shares and the 4,020,453 ordinary shares of 0.1p each which the Directors and Senior Management have subscribed for in lieu of remuneration (which rank pari passu with the Company's existing issued ordinary shares) to be admitted to trading on AIM ('Admission') has been made to the London Stock Exchange. It is expected that Admission will become effective and that dealings will commence on Wednesday, 30 October 2013.
Following Admission, the Company's enlarged issued share capital will comprise 327,009,493 ordinary shares. Therefore the total number of ordinary shares with voting rights is 327,009,493. This figure of 327,009,493 ordinary shares 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 under the FCA's Disclosure and Transparency Rules.
For further information:
Oracle Coalfields PLC +44 (0) 203 102 4807
Shahrukh Khan
Blythe Weigh Communications +44 (0) 207 138 3204
Tim Blythe, Halimah Hussain
Peterhouse Corporate Finance +44 (0)20 7220 9791
Charles Goodfellow
Grant Thornton UK LLP +44 (0) 207 373 5100
Salmaan Khawaja, David Hignell, Jamie Barklem
