News
Fundraising Update
Further to the announcement of 16 February 2010, Lotus Resources Plc ('Lotus' or 'the Company') (PLUS Markets: LOTP), a company engaged in the development of mining and exploration projects in Mongolia, announces that it has reached a settlement with Habsburg & Partner Advisory AG ("Habsburg") in respect of monies that were contractually due, but not paid, on the 15 February 2010 for the 7,042,253 ordinary shares issued (the "Shares") to Habsburg pursuant to a share subscription agreement dated 8 December 2009 (the "Agreement").
The terms of the settlement are as follows:
The Company has placed the 4,260,553 Shares (the "Settlement Shares") currently held by Habsburg at 2.13 pence per share on terms that the placing proceeds of approximately £91,000 (gross) are paid to the Company in full and final settlement of all sums due from Habsburg & Partner Advisory AG pursuant to the Agreement("the Placing"); and
Habsburg has undertaken to the Company to use its best endeavours to maintain an orderly market in the 2,781,700 Shares that were sold on its behalf to German investors.
Simon Longworth (Chief Executive of the Company), Mr Nigel Clark (a founding shareholder of the Company) and Mr James Rodriguez de Castro (together the "Placees") have acquired the Settlement Shares in the proportion set out below. Following the Placing the Placees will have the following shareholdings in the Company.
| Number of Settlement Shares being acquired |
Total number of Ordinary Shares after the placing |
Percentage of issued share capital after the Placing |
|
| Simon Longworth | 974,168 | 5,155,155 | 7.2% |
| Nigel Clark | 469,484 | 3,970,804 | 5.5% |
| James Rodriguez de Castro | 2,816,901 | 2,816,901 | 3.9% |
Following the Placing, the Directors now hold 7,902,436 ordinary shares representing 10.9% of the issued share capital of the Company.
The Directors of the Company accept responsibility for this announcement
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: +44 (0) 20 8099 0571 |
| Eran Zucker Eran@rs-cf.com |