Issue of Equity and Appointment of Broker

RNS Number : 2926X

Primorus Investments PLC

23 November 2017

 

Primorus Investments plc

("Primorus" or the "Company")

Issue of Equity and Appointment of Turner Pope Investments as Company Broker

Primorus (AIM: PRIM, NEX: PRIM) announces that it has raised £1 million, gross of expenses, through the issue of 500,000,000 new ordinary shares of 0.01p each in the Company ("Placing Shares") at a placing price of 0.20p pence per share with certain institutional and private investors (the "Placing"), being a small premium to the mid-market closing price of 0.195p on 22 November 2017.

Furthermore, Primorus is delighted to advise that Turner Pope Investments Limited ("TPI") has been appointed as sole broker to the Company.

The funds raised will be used to assist in progressing possible investment opportunities that the Company is currently looking at and for general working capital purposes.  Application is being made for the Placing Shares, which will, on issue, rank pari passu with the existing ordinary shares, to be admitted to trading on AIM and such admission is expected to occur on or around 30 November 2017. The Placing Shares will be admitted to trading on NEX Exchange simultaneously with the admission to trading on AIM.

Alastair Clayton, Executive Director, commented "We are pleased to report a fundraising  at a small premium to the mid-market closing price of 0.195p for investment and working capital purposes. We are also pleased to announce the appointment of Turner Pope Investments as Broker to the Company. TPI acted as agents for this fundraise and we are delighted to be working alongside them at this exciting time for the Company."

He added, "As shareholders will know, we have a portfolio of pre-IPO and private investments, which we expect to mature through the investment process towards either IPO and or trade sale. We look forward to updating shareholders as our pipeline evolves and we hope to be in a position to update the market soon on the proposed work programme and timetable for the previously flagged long-term flow test at the Horse Hill-1 oil discovery."

Following completion of the Placing, the Company will have 2,796,619,343 Ordinary Shares in issue with voting rights and admitted to trading on AIM and NEX Exchange. This figure may be used by shareholders in the Company as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

For further information, please contact:

Primorus Investments plc:	[phone]
Alastair Clayton
Nominated Adviser:	[phone]
Cairn Financial Advisers LLP
James Caithie / Sandy Jamieson
Broker:	[phone]
Turner Pope Investments (TPI) Limited
Andy Thacker

 

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