Result of Fundraise

Cobra Resources PLC

25 March 2026

 

THIS ANNOUNCEMENT (INCLUDING THE APPENDIX) AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, NEW ZEALAND, CANADA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.  PLEASE SEE THE IMPORTANT NOTICES AT THE END OF THIS ANNOUNCEMENT.

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION, OFFER OR ADVICE TO ANY PERSON TO PURCHASE AND/OR SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES IN COBRA RESOURCES PLC OR ANY OTHER ENTITY IN ANY JURISDICTION.  NEITHER THIS ANNOUNCEMENT NOR THE FACT OF ITS DISTRIBUTION, SHALL FORM THE BASIS OF, OR BE RELIED ON IN CONNECTION WITH, ANY INVESTMENT DECISION IN RESPECT OF COBRA RESOURCES PLC.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014 (AS AMENDED) (WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (AS AMENDED)) ("UK MAR").

THIS ANNOUNCEMENT SHOULD BE READ IN ITS ENTIRETY. IN PARTICULAR, YOU SHOULD READ AND UNDERSTAND THE INFORMATION PROVIDED IN THE APPENDICES INCLUDING APPENDIX II WHICH CONTAINS THE TERMS AND CONDITIONS OF THE PLACING.

25 March 2026

Cobra Resources plc

                                                                        ("Cobra" or the "Company")

Result of Fundraise

Successful £4.5 million (net) fundraise enables Cobra to accelerate Manna Hill Copper Project drilling following a scalable copper discovery and to advance Boland Rare Earth Project through pre-feasibility

These work programmes have the potential to establish Cobra as a significant copper and rare earths developer in South Australia

Cobra (LSE: COBR), a South Australian mineral exploration and development company, is pleased to announce that, further to the announcement made on 24 March 2026 ("Launch Announcement"), it has successfully placed 41,924,995 new ordinary shares in the Company ("Ordinary Shares") with new institutional investors and existing shareholders (the "Placing Shares") at a price of 4.0 pence per Placing Share (the "Issue Price") raising gross proceeds of £1.68 million.

Concurrently with the Placing, as set out in the Launch Announcement, certain Australian major shareholders, directors and other subscribers have subscribed for a total of 75,075,000 new Ordinary Shares (the "Subscription Shares" and, together with the Placing Shares, the "Fundraise Shares") at the Issue Price (the "Subscription" and, together with the Placing, the "Fundraise") raising gross proceeds of approximately £3 million.

David Clarke and Daniel Maling, non-executive directors of the Company, subscribed for 10,062,500 and 375,000 new Ordinary Shares, respectively, as part of the Subscription. Following Admission, Mr Clarke will hold 104,620,925 Ordinary Shares and Mr Maling will hold 2,650,000 Ordinary Shares. Rosie Verco, the spouse of Rupert Verco, Chief Executive Officer of the Company, subscribed for 125,000 new Ordinary Shares as part of the Subscription.

In total, 116,999,995 Fundraise Shares have been subscribed for at the Issue Price raising net proceeds of approximately £4.5 million, comprising gross proceeds of £4.68 million less expenses. The Fundraise Shares represent, in aggregate, approximately 12.5% of the Company's issued Ordinary Share capital prior to the Fundraise.

Rupert Verco, Chief Executive Officer of Cobra, commented:

"With the Fundraise now successfully closed, Cobra is entering its next phase with the financial backing required to accelerate activity across the Company's assets. This year's work programmes have the potential to establish Cobra as a significant copper and rare earths developer in South Australia.

At Manna Hill, early drilling points to a system of meaningful scale, reinforcing our intention to move ahead with the Manna Hill Option. With additional assays pending and drilling scheduled to resume in April, we anticipate further encouraging copper, gold and molybdenum results.

Metallurgical work at Boland has surpassed all expectations and resource drilling is well advanced as we now look to take the project through prefeasibility.

We are delighted with investor demand to back this dual project work programme and appreciate the strong support shown. The team is fully focused on execution, and we believe the months ahead will be highly impactful for the Company and its shareholders."

To watch a video of Rupert Verco, Managing Director, discussing the Fundraise and planned programmes visit: https://investors.cobraplc.com/link/r69YGe.

Admission and Total Voting Rights

Application will be made for the Fundraise Shares to be admitted to trading on the main market for listed securities of London Stock Exchange plc ("London Stock Exchange") ("Admission"). It is anticipated that Admission will become effective, and that dealings in the Fundraise Shares will commence, at 8.00 a.m. (London time) on 1 April 2026.

The Fundraise Shares will, when issued, be credited as fully paid and rank pari passu in all respects with the existing issued Ordinary Shares of the Company, including, without limitation, the right to receive all dividends and other distributions declared, made or paid.

Immediately following Admission, and in accordance with FCA Disclosure Guidance and Transparency Rule 5.6.1, the Company's total issued share capital will comprise 1,056,320,849 Ordinary Shares. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

Capitalised terms not otherwise defined in the text of this Announcement have the meanings given in the Company's announcement of 24 March 2026.

This Announcement should be read in its entirety. In particular, you should read and understand the information provided in the 'Important Notices' section of this Announcement.

This Announcement contains information which, prior to its publication constituted inside information for the purposes of Article 7 of the UK MAR. The person responsible for arranging release of this Announcement on behalf of the Company is Rupert Verco, Chief Executive Officer.

The information set out below is provided in accordance with the requirements of Article 19(3) of UK MAR.

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	David Clarke
2.	Reason for the Notification
a)	Position/status	Non-Executive Director
b)	Initial notification / Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Cobra Resources plc
b)	LEI	213800XTW5PLLK72TQ57
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the Financial instrument, type of instrument	Ordinary Shares of £0.01 each
	Identification Code	GB00BGJW5255
b)	Nature of the transaction	Purchase of Ordinary Shares
c)	Price(s) and volume(s)	Price(s) Volume(s) 4.0 pence per Ordinary Share 10,062,500 Ordinary Shares
d)	Aggregated information: · Aggregated volume · Price	10,062,500 £402,500
e)	Date of the transaction	24 March 2026
f)	Place of the Transaction	London Stock Exchange

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Daniel Maling
2.	Reason for the Notification
a)	Position/status	Non-Executive Director
b)	Initial notification / Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Cobra Resources plc
b)	LEI	213800XTW5PLLK72TQ57
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the Financial instrument, type of instrument	Ordinary Shares of £0.01 each
	Identification Code	GB00BGJW5255
b)	Nature of the transaction	Purchase of Ordinary Shares
c)	Price(s) and volume(s)	Price(s) Volume(s) 4.0 pence per Ordinary Share 375,000 Ordinary Shares
d)	Aggregated information: · Aggregated volume · Price	375,000 £15,000
e)	Date of the transaction	24 March 2026
f)	Place of the Transaction	London Stock Exchange

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Rosie Verco
2.	Reason for the Notification
a)	Position/status	Person closely associated with Rupert Verco, Chief Executive Officer (PDMR)
b)	Initial notification / Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Cobra Resources plc
b)	LEI	213800XTW5PLLK72TQ57
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the Financial instrument, type of instrument	Ordinary Shares of £0.01 each
	Identification Code	GB00BGJW5255
b)	Nature of the transaction	Purchase of Ordinary Shares
c)	Price(s) and volume(s)	Price(s) Volume(s) 4.0 pence per Ordinary Share 250,000 Ordinary Shares
d)	Aggregated information: · Aggregated volume · Price	250,000 £10,000
e)	Date of the transaction	24 March 2026
f)	Place of the Transaction	London Stock Exchange

Enquiries:

Cobra Resources plc Rupert Verco (Australia) Dan Maling (UK)	via Vigo Consulting [phone]
Hannam & Partners (Joint Broker) Leif Powis Andrew Chubb	[phone]
SI Capital Limited (Joint Broker) Nick Emerson Sam Lomanto	[phone]
Vigo Consulting (Financial Public Relations) Ben Simons Seb Weller	[phone] [e-mail]

About Cobra

Cobra Resources is a South Australian critical minerals developer, advancing assets at all stages of the pre-production pathway.

In 2023, Cobra identified the Boland ionic rare earth discovery at its Wudinna Project in the Gawler Craton - Australia's only rare earth project suitable for in situ recovery (ISR) mining. ISR is a low-cost, low-disturbance extraction method that eliminates the need for excavation, positioning Boland to achieve bottom-quartile recovery costs.

In 2025, Cobra further expanded its portfolio by optioning the Manna Hill Copper Project in the Nackara Arc, South Australia. The project contains multiple underexplored prospects with strong potential to deliver large-scale copper discoveries.

In 2025, Cobra sold its Wudinna Gold Assets to Barton Gold (ASX: BDG) for up to A$15 million in cash and shares.

Regional map showing Cobra's tenements in South Australia

 

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This Announcement contains inside information for the purposes of the UK Market Abuse Regulation, and the Directors of the Company are responsible for the release of this Announcement.

IMPORTANT NOTICES

THIS ANNOUNCEMENT, INCLUDING THE APPENDICES AND THE INFORMATION CONTAINED IN THEM, IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA, HONG KONG OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION ORDISTRIBUTION WOULD BE UNLAWFUL. FURTHER, THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSESONLY AND IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION.

This Announcement or any part of it does not constitute or form part of any offer to issue or sell, or the solicitation of an offer to acquire, purchase or subscribe for, any securities in the United States, Canada, Japan, the Republic of South Africa, Hong Kong or any other jurisdiction in which the same would be unlawful or to any person to whom it is unlawful to make such offer or solicitation. No public offering of the Placing Shares and Warrants is being made in any such jurisdiction

This Announcement includes statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "forecasts", "plans", "prepares", "anticipates", "projects", "expects", "intends", "may", "will", "seeks", "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this Announcement and include statements regarding the Company's and the Directors' intentions, beliefs or current expectations concerning, amongst other things, the Company's prospects, growth and strategy. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance. The Company's actual performance, achievements and financial condition may differ materially from those expressed or implied by the forward-looking statements in this Announcement. In addition, even if the Company's results of operations, performance, achievements and financial condition are consistent with the forward-looking statements in this Announcement, those results or developments may not be indicative of results or developments in subsequent periods. Any forward-looking statements that the Company makes in this Announcement speak only as of the date of such statement and (other than in accordance with their legal or regulatory obligations) neither the Company, nor the Brokers nor any of their respective associates, directors, officers or advisers shall be obliged to update such statements. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data.

SI, which is authorised and regulated in the United Kingdom by the FCA, is acting as Broker exclusively for the Company and no one else in connection with the contents of this Announcement and will not regard any other person (whether or not a recipient of this Announcement) as its client in relation to the contents of this Announcement nor will it be responsible to anyone other than the Company for providing the protections afforded to its clients or for providing advice in relation to the contents of this Announcement. Apart from the responsibilities and liabilities, if any, which may be imposed on SI by the Financial Services and Markets Act 2000, as amended ("FSMA") or the regulatory regime established thereunder, SI accepts no responsibility whatsoever, and makes no representation or warranty, express or implied, as to the contents of this Announcement including its accuracy, completeness or verification or for any other statement made or purported to be made by it, or on behalf of it, the Company or any other person, in connection with the Company and the contents of this Announcement, whether as to the past or the future. SI accordingly disclaims all and any liability whatsoever, whether arising in tort, contract or otherwise (save as referred to above), which it might otherwise have in respect of the contents of this Announcement or any such statement.

Hannam & Partners, which is authorised and regulated in the United Kingdom by the FCA, is acting as Broker for the Company and no one else in connection with the contents of this Announcement and will not regard any other person (whether or not a recipient of this Announcement) as its client in relation to the contents of this Announcement nor will it be responsible to anyone other than the Company for providing the protections afforded to its clients or for providing advice in relation to the contents of this Announcement. Apart from the responsibilities and liabilities, if any, which may be imposed on Hannam & Partners by FSMA or the regulatory regime established thereunder, Hannam & Partners accepts no responsibility whatsoever, and makes no representation or warranty, express or implied, as to the contents of this Announcement including its accuracy, completeness or verification or for any other statement made or purported to be made by it, or on behalf of it, the Company or any other person, in connection with the Company and the contents of this Announcement, whether as to the past or the future. Hannam & Partners accordingly disclaims all and any liability whatsoever, whether arising in tort, contract or otherwise (save as referred to above), which it might otherwise have in respect of the contents of this Announcement or any such statement.

No prospectus, offering memorandum, offering document or admission document has been or will be made available in any jurisdiction in connection with the matters contained or referred to in this Announcement and no such document is required (in accordance with Regulation (EU) No 2017/1129 (the "EU Prospectus Regulation") or the Public Offers and Admissions to Trading Regulations 2024 (the "POATR")) to be published. Persons needing advice should consult a qualified independent legal adviser, business adviser, financial adviser or tax adviser for legal, financial, business or tax advice

The securities referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States and may not be offered, sold, pledged, taken up, exercised, resold, renounced, transferred or delivered, directly or indirectly, in or into the United States absent registration under the Securities Act, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. The Placing Shares and Warrants not been approved, disapproved or recommended by the U.S. Securities and Exchange Commission, any state securities commission in the United States or any other U.S. regulatory authority, nor have any of the foregoing authorities passed upon or endorsed the merits of the offering of the Placing Shares and Warrants. Subject to certain exceptions, the securities referred to herein may not be offered or sold in the United States, Australia, Canada, Japan, New Zealand, the Republic of South Africa or to, or for the account or benefit of, any national, resident or citizen of the United States, Australia, Canada, Japan, New Zealand or the Republic of South Africa.

This Announcement has not been approved by the Financial Conduct Authority (the "FCA") or the London Stock Exchange.

No prospectus, product disclosure statement or other disclosure document has been lodged with the Australian Securities and Investments Commission ("ASIC") in relation to the Placing. This Announcement does not constitute a prospectus, product disclosure statement or other disclosure document under the Corporations Act 2001 of the Commonwealth of Australia("Corporations Act"), and does not purport to include the information required for a prospectus, product disclosure statement or other disclosure document under the Corporations Act. Any offer in Australia of the Placing Shares and Warrants may only be made to persons who are "sophisticated investors" (within the meaning of section 708(8) of the Corporations Act), "professional investors" (within the meaning of section 708(11) of the Corporations Act) or otherwise pursuant to one or more exemptions contained in section 708 of the Corporations Act so that it is lawful to offer the Placing Shares and Warrants without disclosure to investors under Chapter 6D of the Corporations Act ("Exempt Investors"). The Placing Shares and Warrants applied for by Exempt Investors in Australia must not be offered for sale in Australia in the period of 12 months after the date of allotment under the Placing, except in circumstances where disclosure to investors under Chapter 6D of the Corporations Act would not be required pursuant to an exemption under section 708 of the Corporations Act or otherwise or where the offer is pursuant to a disclosure document which complies with Chapter 6D of the Corporations Act. Any person acquiring Placing Shares and Warrants must observe such Australian on-sale restrictions.

The relevant clearances have not been, nor will they be, obtained from the securities commission of any province or territory of Canada, no prospectus has been lodged with, or registered by, the Australian Securities and Investments Commission or the Japanese Ministry of Finance; the relevant clearances have not been, and will not be, obtained for the South Africa Reserve Bank or any other applicable body in the Republic of South Africa in relation to the Placing Shares and Warrants and the Placing Shares and Warrants have not been, nor will they be, registered under or offered in compliance with the securities laws of any state, province or territory of Australia, Canada, Japan or the Republic of South Africa. Accordingly, the Placing Shares and Warrants may not (unless an exemption under the relevant securities laws is applicable) be offered, sold, resold or delivered, directly or indirectly, in or into Australia, Canada, Japan, the Republic of South Africa, Hong Kong or any other jurisdiction in which such activities would be unlawful.

No public offering of the Placing Shares and Warrants is being made in the United States, United Kingdom or elsewhere. Members of the public are not eligible to take part in the Placing.  All offers of the Placing Shares and Warrants will be made pursuant to an exemption under the EU Prospectus Regulation, or under Part 1 of Schedule 1 of the POATR, as the case may be, which does not result in any requirement for the publication of a prospectus or contravene regulation 12 of POATR. This Announcement is being distributed to persons in the United Kingdom only in circumstances in which section 21(1) of FSMA, as amended, does not apply.

The information in this Announcement, which includes certain information drawn from public sources, does not purport to be comprehensive and has not been independently verified. This Announcement contains statements that are, or may be deemed forward-looking statements, which relate, inter alia, to the Company's proposed strategy, plans and objectives. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company (including but not limited to future market conditions, legislative and regulatory changes, the actions of governmental regulators and changes in the political, social or economic framework in which the Company operates) that could cause the actual performance or achievements on the Company to be materially different from such forward-looking statements.

The content of this Announcement has not been approved by an authorised person within the meaning of the FSMA. Reliance on this Announcement for the purpose of engaging in any investment activity may expose an individual to a significant risk of losing all of the property or other assets invested. The price of shares and any income expected from them may go down as well as up and investors may not get back the full amount invested upon disposal of the shares. Past performance is no guide to future performance, and persons needing advice should consult an appropriate independent financial adviser.

No prospectus will be made available in connection with the matters contained in this Announcement and no such prospectus is required (in accordance with the EU Prospectus Regulation or the POATR, as the case may be) to be published. This Announcement and the terms and conditions set out herein are for information purposes only and are directed only at persons who are: (a) persons in member states ("Member States") of the European Economic Area ("EEA") who are qualified investors as defined in article 2(e) of Prospectus Regulation (EU) 2017/1129; and (b) in the United Kingdom, qualified investors as defined in paragraph 15 of Schedule 1 to the POATR who are persons who (i) have professional experience in matters relating to investments falling within the definition of "investment professionals" in article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order"); (ii) are persons falling within article 49(2)(a) to (d) ("high net worth companies, unincorporated associations, etc") of the Order; or (iii) are persons to whom it may otherwise be lawfully communicated; (all such persons together being referred to as "Relevant Persons").

This Announcement and the terms and conditions set out herein must not be acted on or relied on by persons who are not Relevant Persons. Persons distributing this Announcement must satisfy themselves that it is lawful to do so. Any investment or investment activity to which this Announcement and the terms and conditions set out herein relates is available only to relevant persons and will be engaged in only with relevant persons.

No representation or warranty, express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by the Brokers or by any of their affiliates or agents as to, or in relation to, the accuracy or completeness of this Announcement or any other written or oral information made available to or publicly available to any interested party or its advisers, and any liability therefore is expressly disclaimed.

No statement in this Announcement is intended to be a profit forecast or estimate, and no statement in this Announcement should be interpreted to mean that earnings per share of the Company for the current or future financial years would necessarily match or exceed the historical published earnings per share of the Company.

The Placing Shares and Warrants to be issued pursuant to the Placing will not be admitted to trading on any stock exchange other than London Stock Exchange.

Neither the content of the Company's website nor any website accessible by hyperlinks on the Company's website is incorporated in, or forms part of, this Announcement.

Information to Distributors

Solely for the purposes of the product governance requirements contained within: (a) (i) EU Directive 2014/65/EU on markets in financial instruments, as amended, ("MiFID II"); (ii) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (iii) local implementing measures (together, the "MiFID II Product Governance Requirements"); and  (b)  the  FCA  Handbook  Product  Intervention  and  Product  Governance  Sourcebook  (the  "UK  Product  Governance Requirements" and, together with the MiFID II Product Governance Requirements, the "Product Governance Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the Product Governance Requirements) may otherwise have with respect thereto, the Placing Shares and Warrants have been subject to product approval process, which has determined that such Placing Shares and Warrants are: (a) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II or the FCA Handbook Conduct of Business Sourcebook ("COBS") (as applicable); and (b) eligible for distribution through all distribution channels as are permitted distribution by MiFID II or the FCA Handbook Product Intervention and Product  Governance  Sourcebook  (as  applicable)  (the  "Target  Market Assessment").  Notwithstanding  the  Target  Market Assessment, Distributors (for the purposes of the Product Governance Requirements) should note that: the price of the Placing Shares and Warrants may decline and investors could lose all or part of their investment; the Placing Shares and Warrants offer no guaranteed income and no capital protection; and an investment in the Placing Shares and Warrants is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result  therefrom.  The Target Market Assessment  is  without  prejudice  to  the  requirements  of  any  contractual,  legal  or regulatory selling restrictions in relation to the Placing. Furthermore, it is noted that, notwithstanding the Target Market Assessment, the Brokers will only procure investors who meet the criteria of professional clients and eligible counterparties. For the avoidance of  doubt,  the  Target  Market  Assessment  does  not  constitute:  (a)  an  assessment  of  suitability  or appropriateness for the purposes of MiFID II or the COBS; or (b) a recommendation to any investor or group of investors to invest in, or purchase or take any other action whatsoever with respect to the Placing Shares and Warrants. Each distributor is  responsible  for  undertaking  its  own  target  market  assessment  in  respect  of  the  Placing  Shares  and determining appropriate distribution channels.

 

END