Regency Mines buys 18.5 million shares; deal funds feasibility study
By Devika Patel
Knoxville, Tenn., Nov. 12 - Oracle Coalfields plc said it plans a private placement of shares.
The company will sell 18.5 million shares to Regency Mines plc at 5.5p apiece for £1.02 million. The price per share is a 10.66% premium to the Nov. 11 closing share price, 4.97p.
Settlement is expected Nov. 24.
"We're delighted that Regency Mines has recognized the growth potential of Oracle Coalfields and decided to make an early investment in the company. Regency expects to add to its shareholding following the subscription, which is encouraging and we welcome their long term support. We have recently announced the extension of our exploration license and are proceeding towards the Bankable Feasibility Study as planned," chairman Shahrukh Khan said in a press release.
Oracle is a Cambridgeshire, England, coal company.
| Issuer: | Oracle Coalfields plc
|
| Issue: | Shares
|
| Amount: | £1,017,500
|
| Shares: | 18.5 million
|
| Price: | 5.5p
|
| Warrants: | No
|
| Investor: | Regency Mines plc
|
| Pricing date: | Nov. 12
|
| Settlement date: | Nov. 24
|
| Stock symbol: | Plus: ORCP
|
| Stock price: | 4.97p at close Nov. 11
|
| Market capitalization: | £7.25 million
|
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