Serabi Mining Plc
("Serabi" or the "Company")
Result of the Open Offer
On 10 November 2009 the Board of Serabi announced that the Company
had placed in aggregate 144,534,500 Ordinary Shares at a price of 1.5
pence per Ordinary Share to raise £2,168,017 (before expenses) to
fund the Company's next stage of exploration at the Palito mine. The
Placing was completed on 16 November 2009. The Company also
announced that it had arranged an unsecured £300,000 convertible loan
facility (the "Convertible"), convertible into up to 20,000,000 New
Ordinary Shares at the Placing Price (excluding accrued interest).
In addition, the Company issued 5,054,551 Ordinary Shares to certain
suppliers and consultants in satisfaction of outstanding liabilities
of £77,503 and 6,394,467 Ordinary Shares to the Directors in
settlement of accrued but unpaid remuneration and benefits under the
terms of their existing service contracts amounting to £95,917 at the
Placing Price.
As the Board considers it important that, where reasonably
practicable, Shareholders have an opportunity to participate in any
fundraising at the same price, on 17 November 2009 it was announced
that the Board of Serabi proposed to raise up to £317,274 (before
expenses) by way of the Open Offer to be made to Eligible
Shareholders of up to 21,151,613 New Ordinary Shares at a price of
1.5 pence per Offer Share. The Circular was sent to Shareholders on
17 November 2009.
The Open Offer closed at 3.00p.m. on 2 December 2009. Under the Open
Offer, valid applications were received from Eligible Shareholders in
respect of their Open Offer Entitlements for, in
aggregate, 12,505,455 Offer Shares, representing approximately 59.12
per cent. of the 21,151,613 Offer Shares offered pursuant to the Open
Offer. As a consequence, 8,646,158 Offer Shares were
available pursuant to the Excess Application Facility. Valid
applications pursuant to the Excess Application Facility were
received in respect of 35,022,756 Excess Shares, representing
approximately 405 per cent. of the Excess Shares
available. Accordingly, applications for Excess Shares under the
Excess Application Facility have been scaled back as described in the
Circular, at the discretion of the Directors in favour of smaller
applicants. In aggregate, 21,151,613 New Ordinary Shares were issued
pursuant to valid applications from Eligible Shareholders in respect
of their Open Offer Entitlements and the Excess Application Facility.
The Open Offer was not conditional on subscription in full of the
Offer Shares.
Application will be made to the London Stock Exchange for the New
Ordinary Shares to be admitted to trading on AIM. It is expected that
Admission will become effective and that dealings in the New Ordinary
Shares will commence on AIM at 8.00 a.m. on 9 December 2009. The
Enlarged Issued Share Capital of Serabi following Admission will be
317,274,196 Ordinary Shares in aggregate. The New Ordinary Shares
will, when issued and fully paid, rank pari passu in all respects
with the Existing Ordinary Shares including the right to receive all
dividends and other distributions declared, made or paid after the
date of their issue.
Mike Hodgson, Chief Executive, commented:
"The Open Offer enabled our smaller Shareholders to participate in
the Company's recent financing and we are delighted that so many took
advantage of this facility."
Enquiries:
Serabi Mining plc
Clive Line, Finance Director Tel: 020 7246 6830 Mobile: 07710 151 692
Website: www.serabimining.com
Beaumont Cornish Limited (Nominated Adviser)
Roland Cornish / Michael Cornish Tel: 020 7628 3396
Farm Street Communications
Simon Robinson Tel: 07593 340 107
This announcement is for information only and shall not constitute an
offer to buy, sell, issue, or subscribe for, or the solicitation of
an offer to buy, sell or issue, or subscribe for any securities, nor
shall there be any sale of securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction. This announcement has been issued by and is the sole
responsibility of Serabi.
DEFINITIONS
"Admission" admission of the New Ordinary Shares to
trading on AIM becoming effective in
accordance with the AIM Rules
"AIM" a market operated by the London Stock
Exchange
"Circular" the circular to Shareholders dated 17
November 2009 setting out the terms and
conditions of the Open Offer
"Company" or "Serabi" Serabi Mining Plc
"Directors" or the "Board" the directors of the Company as at the
date of this announcement
"Eligible Shareholders" holders of Ordinary Shares entitled to
receive the Open Offer in accordance with
the terms of the Circular
"Enlarged Issued Share the Ordinary Shares in issue on Admission
Capital" comprising the Existing Ordinary Shares
and the Offer Shares
"Excess Application the facility to Eligible Shareholders to
Facility" enable them to apply for New Ordinary
Shares under the Open Offer in excess of
their entitlement under the Open Offer
"Excess Shares" any Offer Shares applied for by an
Eligible Shareholder in excess of his Open
Offer Entitlement
"Existing Ordinary Shares" the existing Ordinary Shares of the
Company in issue at the date of this
announcement
"New Ordinary Shares" the Ordinary Shares in the Company to be
issued pursuant to the Open Offer
"Offer Price" 1.5 pence for each Offer Share
"Offer Shares" the New Ordinary Shares which are to be
made available for subscription by
Eligible Shareholders under the Open Offer
"Open Offer" the conditional offer to Eligible
Shareholders to subscribe for the Offer
Shares at the Offer Price being made by
the Company on the terms set out in the
Circular
"Open Offer Entitlement" the entitlement to subscribe for Open
Offer Shares allocated to an Eligible
Shareholder pursuant to the Open Offer
"Ordinary Shares" ordinary shares of 0.5 pence each in the
capital of the Company
"Placing Price" 1.5 pence per Ordinary Share
"Shareholder" a holder of Ordinary Shares from time to
time.
ENDS
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solely responsible for the content of this announcement.