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For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

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However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

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ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

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CONTACT

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Nova Resources Ltd (NOVA)

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Wednesday 28 August, 2013

Nova Resources Ltd

New funding

RNS Number : 6236M
Nova Resources Limited
28 August 2013
 



NOVA RESOURCES LIMITED

("Nova" or the "Company")

 

New funding

 

Nova announces that it has successfully secured new investment into the Company of £400,000  0% unsecured convertible loan notes (the "Notes"). The funds raised may only be used for the purposes that are approved by Pearce Global Limited and these include funding the normal working capital expenses of the Company as well as to pursue the Company's investing policy. 

 

The Notes have been subscribed by Pearce Global Investments Limited (the "Noteholder"), a British Virgin Island incorporated company. The principal terms of the Notes are as follows:

 

·      The Notes will be repayable by 31 December 2017 and do not carry a coupon.

·      Both the Company and the Noteholder have the right, but not the obligation, at any time to convert part of, or the whole of, the principal amount outstanding under the Notes into new ordinary shares of 1p in the capital of the Company ("Ordinary Shares") at the conversion rate of 1p for each Ordinary Share, subject to the Restriction (as defined below).

·      The Noteholder will be issued with 200 million warrants to subscribe for new Ordinary Shares (the "Warrants"), subject to the Restriction (as defined below).  The Warrants can be exercised at any time up until 31 December 2018 and at the exercise price of 1p per Ordinary Share.

·      The Notes and the Warrants are transferable with the consent of the Company (which consent shall not be unreasonably withheld) and subject to the Restriction (as defined below) being adhered to by a transferee.

 

Conversion of the Notes in full would result in the issue of 40,000,000 Ordinary Shares and exercise of the Warrants in full would result in the issue of 200,000 Ordinary Shares which, in aggregate, would represent approximately 69.4 per cent. of the enlarged issued Ordinary Share capital of the Company (assuming that no other Ordinary Shares are issued and none of the other warrants already issued by the Company are converted).  The Company is not subject to the UK City Code on Takeovers and Mergers.  However, the Noteholder has undertaken not to: i) convert the Notes or exercise the Warrants (together, "Conversion") if such would result in the Noteholder owning more than 30 per cent. of the enlarged issued share capital of the Company; and ii) use the rights attached to Ordinary Shares acquired as a result of Conversion to appoint a director of the Company or otherwise seek to gain control of the board of directors of the Company or to exercise undue influence on or otherwise interfere with the management of the Company (the "Restriction").

 

The Board has been in negotiations with several parties with a view to securing additional funding to provide the Company with sufficient working capital as well as to assist the continued pursuit of its investing policy.  Whilst the terms of the Notes could significantly dilute existing shareholders of the Company through a Conversion, the Board considers that this investment will give the Company a meaningful opportunity to pursue its investing policy.

 

Further to the statement made in the announcement of Nova's results for the year ended 31 December 2012 made on 28 June 2013, the Company confirms that its Mongolian investee company is still in discussions with respect to the renewal of its coal transportation contract.  However, no final decision has been reached yet.  A further announcement will be made when appropriate.

 

                                                                                  

Enquiries:

 

Nova Resources Limited

Chan Fook Meng - Chairman/CEO

 

+65 62362985

 

Daniel Stewart & Co (Nominated Adviser & Broker)

David Hart

James Felix

 

+44 (0)20 7776 6550

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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