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Tri-Star Resources (TSTR)

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Thursday 11 January, 2018

Tri-Star Resources

Results of Open Offer

RNS Number : 6086B
Tri-Star Resources PLC
11 January 2018

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No. 596/2014 until the release of this announcement.

11 January 2018

Tri-Star Resources plc

("Tri-Star" or the "Company")


Results of Open Offer

On 21 December 2017, Tri-Star (AIM: TSTR) announced a conditional Open Offer (which subsequently became unconditional) to raise up to approximately £4,420,000 (before expenses) through the issue of up to 44,204,755,697 ordinary shares of 0.005p each ("Ordinary Shares").

The Company is pleased to announce the results of the Open Offer, which closed for acceptances at 11.00 a.m. on 10 January 2018 and was oversubscribed.  Valid applications have been received in respect of 108,994,666,346 new Ordinary Shares, representing 247 per cent of the number of new Ordinary Shares available under the Open Offer.  34,794,932,062 new Ordinary Shares were applied for under shareholders' Basic Entitlements and applications were received in respect of 74,199,734,284 new Ordinary Shares under the Excess Application Facility.  The total number of new Ordinary Shares available under the Excess Application Facility was 9,409,823,635, which meant the Excess Allocation Facility was 7.9 times oversubscribed.  

In addition to their Basic Entitlements, Qualifying Shareholders who have applied for new Ordinary Shares under the Excess Application Facility will receive 12.68 per cent of the excess shares applied for by them.

Application has been made for 44,204,755,697 new Ordinary Shares, to be issued via the Open Offer, to be admitted to trading on AIM ("Admission").  It is expected that Admission and commencement of dealings in the new Ordinary Shares will occur at 8.00 a.m. on 12 January 2018.  Following Admission, the enlarged share capital of the Company will consist of 63,850,388,257 Ordinary Shares.  No Ordinary Shares are held in treasury.

The above figure of 63,850,388,257 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

Mark Wellesley-Wood, Executive Chairman, commented:

"I thank our shareholders for the support that they have shown in taking up the Open Offer, which was oversubscribed.  The Open Offer has significantly de-geared our balance sheet and provides your company with greater flexibility in completing the Oman Roaster Project, where plant commissioning starts next month."


Tri-Star Resources plc                                                                                    Tel: +44 (0) 20 3470 0470

Guy Eastaugh, Chief Executive Officer                                             


SP Angel Corporate Finance (Nomad and Broker)                           Tel: +44 (0) 20 3470 0470

Robert Wooldridge / Jeff Keating


Yellow Jersey PR Limited (Media Relations)                                     Tel: +44 (0) 776 932 5254

Charles Goodwin / Julia Kalcheva / Joe Burgess


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

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