News
Placing of Shares and Issue of Warrants
Lotus Resources Plc (PLUS Markets: LOTP) is pleased to announce the issue of 2,677,371 new Ordinary Shares of 1p each which the Company has placed at a price of 2.13 pence per share raising £57,028 gross, together with the issue of warrants over 8,032,113 Ordinary Shares of 1p each, exerciseable as follows:
- 2,677,371 warrants @ 2.13p for up to one year from issue
- 2,677,371 warrants @ 3.2p for up to two years from issue
- 2,677,371 warrants @ 4.26p for up to three years from issue
These funds have been raised for working capital and to develop the identified fluorspar mining opportunities in Mongolia already announced. The shares have been issued pursuant to the current dis-application of pre-emption rights as approved by the shareholders at the Company's AGM in 2009 whilst the issue of the warrants are subject to shareholder approval.
Following the issue of the new shares, Nigel Clark now owns 3,501,320 shares which represents 4.86% of the enlarged issued share capital.
Following the issue of shares, the Directors continue to hold 6,928,268 shares now representing 9.61% of the issued share capital.
Following this issue there will be 72,073,646 ordinary shares in issue. The new shares will rank pari passu with existing ordinary shares.
The above 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 change to their interest in, Lotus Resources under the FSA's Disclosure and Transparency Rules.
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
Eran Zucker
Eran@rs-cf.com
Tel: 020 7562 3389
Lothbury Financial
Michael Padley / Ron Marshman
Tel: 0 20 7011 9411