Issue of Equity

RNS Number : 6050S

Obtala Resources PLC

13 September 2010

 



Obtala Resources Plc

("Old Obtala" or "the Company")

Issue of Equity

The Company announces that it has today issued 1,026,722 ordinary shares of 1p each in the Company following the exercise of warrants by Fox-Davies Capital Limited. As per the terms of the warrants, these were exercised at a price of 15.5p per share being the closing price of the Company's shares on 6 August 2009 (the date on which the warrants were issued).

As was announced on 6 August 2010, it is proposed that Obtala Resources limited, a company incorporated in Guernsey ("New Obtala"),will be put in place, through a High Court approved scheme of arrangement under sections 895 to 899 of the Companies Act 2006 ("the Scheme"), as the holding company of Old Obtala. This will result in shareholders in Old Obtala holding shares in New Obtala in exactly the same proportions in which they held shares in Old Obtala prior to the Scheme becoming effective. The Court hearing to approve the Scheme takes place on 16 September 2010 and it is anticipated that the Scheme will become effective on 16 September 2010. The last time for dealing in shares in Old Obtala is therefore expected to be 5.00 p.m. on 16 September 2010 and the trading on AIM of ordinary shares in New Obtala is expected to commence at 8.00 a.m. on 17 September 2010. 

Application has therefore been made for an additional 1,026,722 ordinary shares of 1p each in New Obtala to be admitted to trading to AIM (i.e. in addition to the 222,153,252 ordinary shares in New Obtala for which application has already been made). The new ordinary shares in New Obtala will be Scheme Shares (as defined in the scheme circular issued by the Company on 6 August 2010) and will therefore rank pari passu with the other Scheme Shares. It is expected that admission to trading on AIM of all the Scheme Shares (i.e. including those to be held by Fox-Davies Capital Limited) will occur on 17 September 2010.

Following the implementation of the Scheme, New Obtala will now have a total of 223,179,974 ordinary shares of 1p each in issue.

Obtala Resources plc/Obtala Resources Limited Simon Rollason - Managing Director Frank Scolaro - Chairman www.obtalaresources.co.uk	[phone]
ZAI Corporate Finance Ltd
Ray Zimmerman/ Sarang Shah	[phone]
Threadneedle Communications
Laurence Read	[phone]

 

END

 

 

IOEQXLFFBKFBBBF