TIDMCMET
RNS Number : 2165G
Capital Metals PLC
17 July 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED
UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014
WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL)
ACT 2018, AS AMED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO
BE IN THE PUBLIC DOMAIN.
17 July 2023
Capital Metals plc
("Capital Metals" or the "Company")
Subscription to Raise GBP364,705
Related Party Transactions
Capital Metals (AIM: CMET), a mineral sands company approaching
mine development stage at the high-grade Eastern Minerals Project
in Sri Lanka (the "Project"), announces a subscription to raise
gross proceeds of GBP364,705 through a subscription for 36,470,566
new ordinary shares (the "Subscription") at an issue price of 1p
(the "Issue Price").
The Subscription comprises investments from predominantly
non-United Kingdom investors whom were unable to participate in the
placing of GBP500,000 announced on 20 June 2023 (the "June
Placing"), and includes subscriptions from certain directors of the
Company whose participation is set out below.
The proceeds from the Subscription and the June Placing will be
applied to general working capital, to accelerate the Company's
actions to secure the lifting of the suspension of its Industrial
Mining Licences in the northern area of the Project (announced on
12 December 2022), and to advance the Environmental Impact Study at
EL199 in the southern area which holds approximately 60% of the
total mineral sands resource of the Project and is not subject to
the suspension.
The Subscription has been conducted within the share capital
authorities granted at the General Meeting held on 12 July
2023.
Related Party Transactions - Directors' Subscriptions
It was previously notified on 23 June 2023 that certain
directors (which now include a former director) intended to
subscribe for shares, with the payment of subscription monies being
satisfied following the payment of overdue directors' salaries and
fees which certain directors have accrued to 30 June 2023. These
shares (which are included in the above Subscription) will be
issued on the basis of 1 new share for each 1 penny of fees owed
(the "Directors' Subscriptions").
These Directors' Subscriptions are as follows:
Greg Martyr, Chairman of the Company, has subscribed for and
been issued 3,000,000 ordinary shares of 0.2 pence each in the
Company ("Ordinary Shares") at the Issue Price in lieu of
outstanding fees of GBP30,000. Following the issue, Mr Martyr's
shareholding stands at 7,582,746 Ordinary Shares, which represents
2.75% of the Company's total voting rights.
KL-Kepong International Limited has subscribed for and been
issued 625,000 Ordinary Shares at the Issue Price in lieu of
outstanding fees due in relation to Teh Kwan Wey's role as a
non-executive director of the Company of GBP6,250. Mr Teh is the
Head of Corporate for Kuala Lumpur Kepong Berhad, the parent
company of KL-Kepong International Limited. Following the issue,
KL-Kepong International Limited's shareholding stands at 11,822,984
Ordinary Shares, which represents 4.29% of the Company's total
voting rights.
Chulu Holdings Pty Limited ATF The Chulu Trust ("Chulu
Holdings"), a trust of which Michael Frayne, a former director and
Chief Executive Officer of the Company, is a beneficiary, has
subscribed for and been issued 1,000,000 Ordinary Shares at the
Issue Price in lieu of outstanding fees of GBP10,000. Following the
issue, Chulu Holdings' shareholding stands at 9,093,048 shares
which represents 3.30% of the Company's total voting rights. Mr
Frayne has an interest, in aggregate, over 14,190,006 Ordinary
Shares, which represents 5.15% of the Company's total voting
rights.
Mr Teh and Mr Martyr are non-independent directors insofar as
the Directors' Subscriptions are concerned and have not taken part
in the Board's consideration of the Directors' Subscriptions. James
Leahy is the only independent director for this purpose. The
independent director considers, having consulted with SPARK
Advisory Partners Limited, the Company's nominated adviser, that
the terms of the Directors' Subscriptions are fair and reasonable
insofar as the Company's shareholders are concerned.
Admission and Total Voting Rights
Application will be made to the London Stock Exchange for
admission of the 36,470,566 shares (the "Subscription Shares") to
trading on AIM ("Admission"). It is expected that Admission will
become effective and dealings in the Subscription Shares will
commence at 8.00 a.m. on or around 21 July 2023.
The Subscription Shares will be issued fully paid and will rank
pari passu in all respects with the Company's existing Ordinary
Shares.
Following Admission, the total number of Ordinary Shares in the
capital of the Company in issue will be 275,573,998 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's share capital pursuant to (i) the Company's
Articles, (ii) the Financial Conduct Authority's Disclosure
Guidance and Transparency Rules and/or (iii) the AIM Rules for
Companies issued by the London Stock Exchange plc as amended from
time to time.
For further information, please visit www.capitalmetals.com or
contact:
Capital Metals plc Via Vigo Consulting
Greg Martyr (Executive Chairman)
Vigo Consulting (Investor Relations) +44 (0)20 7390 0234
Ben Simons / Peter Jacob capitalmetals@vigoconsulting.com
SPARK Advisory Partners (Nominated
Adviser)
Neil Baldwin / James Keeshan +44 (0)20 3368 3554
Tavira Financial
Jonathan Evans / Oliver Stansfield +44 (0)20 7100 5100
About Capital Metals
Capital Metals plc is a British company listed on the London
Stock Exchange and one of only a few foreign investors in Sri
Lanka's mining industry. After investing US$11 million in
exploration and development activities including detailed
environmental assessments between 2017 and 2022, the Company's Sri
Lankan subsidiary, Damsila Exports (Pvt) Limited, was issued an
initial two licences in August 2022 to mine heavy mineral sands in
the Eastern Province, containing industrial minerals including
ilmenite, rutile, zircon, and garnet.
Details of the person discharging managerial responsibilities/person closely associated
1
a) Name Greg Martyr
------------------------------------------------------------ --------------------------------------------------
Reason for the notification
2
----------------------------------------------------------------------------------------------------------------
a) Position/status Chairman
------------------------------------------------------------ --------------------------------------------------
b) Initial notification/Amendment Initial notification
------------------------------------------------------------ --------------------------------------------------
Details of the issuer, emission allowance market participant, auction platform, auctioneer
3 or auction monitor
----------------------------------------------------------------------------------------------------------------
a) Name Capital Metals plc
------------------------------------------------------------ --------------------------------------------------
b) LEI 213800RR4MW1ETEMS859
------------------------------------------------------------ --------------------------------------------------
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
4 each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
----------------------------------------------------------------------------------------------------------------
a) Description of the financial instrument, type of Ordinary shares of 0.2 pence per share par value
instrument
GB00BMF75608
Identification code
------------------------------------------------------------ --------------------------------------------------
b) Nature of the transaction Issue of shares
------------------------------------------------------------ --------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
1 pence 3,000,000
-----------
------------------------------------------------------------ --------------------------------------------------
d) Aggregated information - Aggregated volume
- Price As above
As above
------------------------------------------------------------ --------------------------------------------------
e) Date of the transaction 17 July 2023
------------------------------------------------------------ --------------------------------------------------
f) Place of the transaction Outside a trading venue
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Details of the person discharging managerial responsibilities/person closely associated
1
a) Name Teh Kwan Wey
------------------------------------------------------------ --------------------------------------------------
Reason for the notification
2
----------------------------------------------------------------------------------------------------------------
a) Position/status Non-executive Director
------------------------------------------------------------ --------------------------------------------------
b) Initial notification/Amendment Initial notification
------------------------------------------------------------ --------------------------------------------------
Details of the issuer, emission allowance market participant, auction platform, auctioneer
3 or auction monitor
----------------------------------------------------------------------------------------------------------------
a) Name Capital Metals plc
------------------------------------------------------------ --------------------------------------------------
b) LEI 213800RR4MW1ETEMS859
------------------------------------------------------------ --------------------------------------------------
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
4 each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
----------------------------------------------------------------------------------------------------------------
a) Description of the financial instrument, type of Ordinary shares of 0.2 pence per share par value
instrument
GB00BMF75608
Identification code
------------------------------------------------------------ --------------------------------------------------
b) Nature of the transaction Issue of shares
------------------------------------------------------------ --------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
1 pence 625,000
-----------
------------------------------------------------------------ --------------------------------------------------
d) Aggregated information - Aggregated volume
- Price As above
As above
------------------------------------------------------------ --------------------------------------------------
e) Date of the transaction 17 July 2023
------------------------------------------------------------ --------------------------------------------------
f) Place of the transaction Outside a trading venue
------------------------------------------------------------ --------------------------------------------------
Details of the person discharging managerial responsibilities/person closely associated
1
a) Name Michael Frayne
------------------------------------------------------------ --------------------------------------------------
Reason for the notification
2
----------------------------------------------------------------------------------------------------------------
a) Position/status Former Chief Executive Officer and Director
------------------------------------------------------------ --------------------------------------------------
b) Initial notification/Amendment Initial notification
------------------------------------------------------------ --------------------------------------------------
Details of the issuer, emission allowance market participant, auction platform, auctioneer
3 or auction monitor
----------------------------------------------------------------------------------------------------------------
a) Name Capital Metals plc
------------------------------------------------------------ --------------------------------------------------
b) LEI 213800RR4MW1ETEMS859
------------------------------------------------------------ --------------------------------------------------
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
4 each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
----------------------------------------------------------------------------------------------------------------
a) Description of the financial instrument, type of Ordinary shares of 0.2 pence per share par value
instrument
GB00BMF75608
Identification code
------------------------------------------------------------ --------------------------------------------------
b) Nature of the transaction Issue of shares
------------------------------------------------------------ --------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
1 pence 1,000,000
-----------
------------------------------------------------------------ --------------------------------------------------
d) Aggregated information - Aggregated volume
- Price As above
As above
------------------------------------------------------------ --------------------------------------------------
e) Date of the transaction 17 July 2023
------------------------------------------------------------ --------------------------------------------------
f) Place of the transaction Outside a trading venue
------------------------------------------------------------ --------------------------------------------------
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END
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