10 November 2009
Serabi Mining Plc
("Serabi" or the "Company")
Update on Placing
Issue of further Ordinary Shares
Application to AIM for trading
Earlier today the Board of Serabi announced that the Company had placed 139,867,833 New Ordinary Shares (the "Placing Shares") at a price of 1.5 pence per Ordinary Share (the "Placing Price"). In addition, the Company issued 5,054,551 New Ordinary Shares to certain suppliers and consultants in satisfaction of outstanding liabilities of �77,503 (the "Consultant Shares") and the Company announced its intention to issue further New 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.
The Board has therefore today allotted 6,394,467 new Ordinary Shares to the Directors (the "Director Shares") at price of 1.5 pence per Ordinary Share, representing in aggregate 4.56% per cent. of the existing issued share capital, which will rank pari passu with the existing Ordinary Shares, further details of which are set out below:
Director |
New Ordinary Shares issued in settlement of remuneration and benefits |
Existing holding of Ordinary Shares |
Enlarged holding of Ordinary Shares |
Percentage interest in Enlarged Issued Ordinary Share Capital |
Bill Clough |
1,250,000 |
37,828,617 |
39,078,617 |
13.20% |
Mike Hodgson |
1,600,000 |
90,000 |
1,690,000 |
0.57% |
Clive Line |
1,600,000 |
343,333 |
1,943,333 |
0.66% |
Graham Roberts |
1,944,467 |
845,834 |
2,780,301 |
0.94% |
In addition, to meet additional market demand pursuant to the Placing, the Company has issued a further 4,666,667 New Ordinary Shares (the "Additional Placing Shares") at the Placing Price to raise a further �70,000 (before expenses).
Application is being made today for the Placing Shares, the Additional Placing Shares, the Consultant Shares and the Director Shares (all of which will rank pari passu with the existing Ordinary Shares) to be admitted to trading on AIM which is expected to commence on 16 November 2009, following which there will be 296,122,583 Ordinary Shares in issue (the "Enlarged Share Capital").
Enquiries:
Clive Line, Finance Director Tel: 020 7246 6830 Mobile: 07710 151 692
Beaumont Cornish Limited (Nominated Adviser)
Roland Cornish / Michael Cornish Tel: 020 7628 3396
Farm Street Communication
Simon Robinson Tel 07593 340 107
ENDS