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Prairie Mining Ltd (PDZ)

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Tuesday 11 August, 2020

Prairie Mining Ltd

SPP - Closing Date Extended

RNS Number : 7678V
Prairie Mining Limited
11 August 2020
 

PRAIRIE MINING LIMITED

 

NEWS RELEASE |   11 August 2020

 

SHARE PURCHASE PLAN - CLOSING DATE EXTENDED TO
ALLOW POLISH PARTICIPATION

 

Prairie Mining Limited (Prairie or Company) advises that following logistical and processing issues that have prevented Polish shareholders from participating in the Company's Share Purchase Plan (SPP), the Company is extending the Closing Date for all Eligible Shareholders to participate in the SPP to 5:00pm (CET) on 31 August 2020. The issues that have affected Polish Shareholders have now been resolved and given the strong Polish interest in the SPP, the extended Closing Date will ensure that Polish shareholders are not disadvantaged from the delay.

 

An updated timetable has been provided over page.

 

The Company encourages shareholders eligible to participate in the SPP to lodge their SPP application forms and/or remit their application monies as soon as possible   as the Company will not accept any late applications and reserves the right, subject to the Corporations Act and the ASX Listing Rules, to vary the closing date without prior notice, including closing the SPP early.

 

ARBITRATION CLAIMS

 

On 1 July 2020, Prairie announced it had executed a Litigation Funding Agreement (LFA) for A$18m (US$12.3m) with LCM Funding UK Limited (a subsidiary of Litigation Capital Management Limited). The facility is available for immediate draw down for Prairie to pursue damages claims in relation to the investment dispute between Prairie and the Polish Government that has arisen out of certain measures taken by Poland in breach of the Energy Charter Treaty and the Australia-Poland Bilateral Investment Treaty (Treaties).

 

Prairie and its legal counsel are currently preparing for arbitration claims which will be submitted in the coming weeks. The claim will allege that the Republic of Poland has breached its obligations under both domestic law and Treaties. Prairie's claim for damages may include, but is not limited to, lost profits for both the Jan Karski and Debiensko mines as well as the value of Prairie's historic expenditure in developing both mines plus interest and costs.

 

For further information, please contact:

Prairie Mining Limited

Tel: +44 207 478 3900

  Ben Stoikovich, Chief Executive Officer

Email: [email protected]

Sapan Ghai, Head of Corporate Development

Kazimierz Chojna, Commercial Officer

 

 

This announcement has been authorised for release by the Company Secretary.

 

Updated SPP Timetable

 

Details

Date

Record Date

The date on which the Company determines Eligible Shareholders

5:00pm (Perth time) on 20 July 2020

Dispatch Date

The date on which this document and the Application Forms are dispatched to Eligible Shareholders

23 July 2020

Opening Date

The date on which the Offer opens

23 July 2020

Closing Date

The date on which the Offer closes

Applications and payments must be received by this date

5:00pm (CET) on 31 August 2020

Announcement of SPP results

3 September 2020

Issue Date

The date New Shares are intended to be issued

9 September 2020

Quotation of New Shares on ASX

With an application for the shares to trade on the London and Warsaw Stock exchanges occurring as soon as possible following quotation on ASX.

11 September 2020

 


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