Cobra Resources PLC Issue of Equity (0542W)
13 Agosto 2020 - 3:34AM
UK Regulatory
TIDMCOBR
RNS Number : 0542W
Cobra Resources PLC
13 August 2020
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF EU REGULATION 596/2014. UPON THE PUBLICATION OF
THIS ANNOUNCEMENT VIA A REGULATORY NEWS SERVICE, THIS INSIDE
INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED STATES,
AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER
JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OF SUCH JURISDICTION.
For immediate release
13 August 2020
Cobra Resources plc
("Cobra" or the "Company")
Placing to raise up to GBP1.5 million
Cobra Resources plc (LSE: COBR), the owner of the Wudinna Gold
Project on the Eyre Peninsula in the Central Gawler Gold Province,
a 450-kilometre-long arcuate belt in South Australia , announces
that it has raised GBP1.5m in a placing of zero coupon convertible
loan notes with warrants attached.
Transaction Highlights
-- P lacing raising GBP1.5 million, before expenses, through the
issue of up to 1,500,000 zero coupon convertible loan notes
("CLNs") with a conversion price of 2.3p per Ordinary Share, with
new and existing investors. The CLNs have a one year maturity;
-- The CLNs are convertible into Ordinary Shares, at the
election of the Company, on the Company publishing a new prospectus
in order to allow the Ordinary Shares into which the CLNs convert,
to be admitted to the standard segment of the Official List of the
FCA and to trading on the London Stock Exchange plc (the
"Prospectus"); conversions of the CLNs are not permitted prior to
the publication of the Prospectus;
-- The Ordinary Shares issued on the conversion of the CLNs each
have a warrant attached entitling the holder to subscribe for an
additional Ordinary Share at a price of 3p (the "Warrants"). The
Warrants have a life of 2 years from the date of the publication of
the Prospectus are subject to accelerated mandatory exercise if the
Company's 5-day volume weighted share price exceeds 4.5 pence;
-- the conversion price for the CLNs at 2.3p per Ordinary Shares
represents a discount of 6% per cent. to the 5 day VWAP to 12
August 2020.
The Company intends to use the funds raised by way of the
Placing for working capital purposes related to upcoming drilling
activities at its Wudinna Gold Project.
The Placing was arranged by SI Capital Limited and Peterhouse
Capital Limited. Orana Corporate LLP acted as corporate adviser to
the transaction.
The Company intends to submit a draft prospectus to the FCA for
review shortly. When approved the Prospectus will be published on
the Company's website and available for viewing on the National
Storage Mechanism. A further announcement will be made in due
course at such time as the Prospectus has been approved by the FCA
for publication.
Members of the public were not eligible to participate in the
Placing.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 ("MAR"),
encompassing information relating to the Placing as described
above, and is disclosed in accordance with the Company's
obligations under Article 17 of MAR.
About the Company:
The person who arranged for the release of this announcement on
behalf of the Company was Craig Moulton, Director of the
Company.
End
Enquiries:
Craig Moulton +61 (0) 40 6932187
Cobra Resources plc Dan Maling +44 (0) 758 0032520
Nick Emerson
SI Capital Limited (Broker) Sam Lomanto +44 (0) 14 8341 3500
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Peterhouse Capital Limited Duncan Vasey
(Broker) Lucy Williams +44 (0) 20 7469 0932
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END
IOEFIFVTTFIVLII
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August 13, 2020 04:34 ET (08:34 GMT)
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