News
Placing of Shares and Issue of Warrants
LONDON - 7th August 2009 - Lotus Resources Plc (PLUS Markets: LOTP) is pleased to announce the issue of 4,442,846 new Ordinary Shares of 1p each which the Company has placed at a price of 3 pence per share raising £133,285 gross, together with the issue of warrants over 1,480,949 Ordinary Shares of 1p each at an exercise price of 3p and with an exercise period commencing on August 2009 and ending on August 2012.
These funds have been raised for working capital and to develop the identified fluorspar mining opportunities in Mongolia already announced. The shares and warrants have been issued pursuant to the current dis-application of pre-emption rights as approved by the shareholders at the Company's AGM in 2008.
Of the new Ordinary Shares and warrants issued the following have been issued to the Directors and other shareholders holding 3% or more of the issued share capital of the Company:
| Applicant | Number of new Oridinary Shares issued | Total number Ordinary Shares after issue of new shares | Percentage of enlarged issued share capital after issue of new shares | Number of new Warrants issued |
| Directors: | ||||
| Simon Longworth | 508,130 | 4,181,347 | 9.2% | 169,377 |
| James Benson | 166,667 | 566,667 | 1.2% | 55,556 |
| Luka Lu | 629,837 | 1,973,587 | 4.36% | 209,946 |
| Other Shareholders: | ||||
| Worship Street Investments | 2,500,000 | 2,500,000 | 5.5% | 833,333 |
| Nigel Clark | 203,252 | 2,010,804 | 4.4% | 67,751 |
| Chris Morgan | 166,667 | 1,474,219 | 3.3% | 55,556 |
In addition following the issue of the new shares, existing shareholders hold the following percentages of the enlarged issued share capital:
| Shareholders | Number of shares | Percentage of enlarged equity |
| Starvest plc | 15,000,000 | 33.1% |
| Robin Grayson | 2,158,958 | 4.8% |
| Dean O'Keefe | 2,158,358 | 4.8% |
| Eleana Pinglo | 1,450,000 | 3.2% |
Following the issue of shares, the Directors now hold 7,221,601 shares representing 15.9% of the enlarged issued share capital.
Following this issue there will be 45,260,258 ordinary shares in issue. The new shares will rank equally with existing ordinary shares and are expected to be admitted to trading on PLUS Markets on 10th August 2009.
ENQUIRIES:
Lotus Resources Plc
Simon Longworth, Chief Executive
Tel: +976 8800 8983 and +86 (0) 1350 107 0840
James Benson, Finance Director
Tel: +44 (0) 7768 242 660
Rivington Street Corporate Finance
Tel: 020 7562 3389
Monisha Varadan
Monisha@rs-cf.com
Eran Zucker
Eran@rs-cf.com
Lothbury Financial
Michael Padley / Ron Marshman Tel: +44 (0) 20 7011 9411