REG - Armadale Capital PLC - Update Regarding Company Led Subscription

Armadale CapitalAnnouncement

16/07/2024 08:00

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RNS Number : 5603W  Armadale Capital PLC  16 July 2024

 

16 July 2024

Armadale Capital Plc

('Armadale' the 'Company' or the 'Group')

Update re Subscription

Armadale announced on 24 April 2024 that it had conditionally raised £650,000
through the issue by the Company of new ordinary shares in the Company
("Ordinary Shares") at an issue price of 0.7 pence per new Ordinary Share
("Subscription Shares") through a Company led direct subscription with new and
existing investors in the UK and Australia (the "Subscription").

As set out in the Company's audited annual results for the year ended 31
December 2023 published on 28 June 2024, funds pursuant to the Subscription
totalling £150,000 were still to be received from certain investors as at
that date. As at the date of this announcement, this amount remains
outstanding with the Company is continuing to pursue all practicable measures
to collect the outstanding funds from the investors. However, the Company has
decided to finalise the Subscription through the issue of new Ordinary Shares
in respect of gross funds received to date, totalling £500,000.

Accordingly, application will be made for 71,428,561 Subscription Shares to be
admitted to trading on AIM ("Admission") and it is expected that Admission
will occur on or around 19 July 2024.

Following Admission, the Company's issued ordinary share capital will consist
of 658,958,456 ordinary shares with one voting right each ("Ordinary Shares").
The Company does not hold any Ordinary Shares in treasury. Therefore, the
total number of Ordinary Shares and voting rights in the Company will be
658,958,456. With effect from Admission, 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 to their interest in, the share capital of the Company under the FCA's
Disclosure Guidance and Transparency Rules.

In addition, and as set out in in the announcement dated 24 April 2024
attached to each Subscription Share is a warrant, exercisable within 36 months
at a price of 1.2p per new Ordinary Share (the "Warrants") with each Warrant
entitling each Warrant holder the right to subscribe for a further Ordinary
Share in Armadale.

Following the issue of the Warrants pursuant to the Subscription the Company
will have warrants outstanding over 71,428,561 Ordinary Shares.

In addition, and as previously announced on 24 April 2024, Matt Bull,
Executive Director of the Company agreed to participate in the Subscription.
In light of the quantum of the Subscription now being lower than the Company
had originally anticipated, following Admission, Mr Bull's resultant holding
in the Company will now be as follows:

 

 

 

 Name           Current number of Ordinary Shares held      % of existing number of Ordinary Shares      Number of Placing Shares subscribed for      Number of Ordinary Shares held post-Admission      % of issued share capital as enlarged by the Placing
 Matt Bull      47,783,284                                  8.1%                                         14,285,714                                   62,068,998                                         9.4%

 

The board would like to reiterate to shareholders the statements made in the
Company's audited results for the year ended 31 December 2023, that additional
funds will be required within the next twelve months as a result the Company
is considering various the strategic options available to it to effectively
advance the Company's projects.

The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK
law by virtue of the European Union (Withdrawal) Act 2018. The information is
disclosed in accordance with the Company's obligations under Article 17 of the
UK MAR. Upon the publication of this announcement, this inside information is
now considered to be in the public domain.

 

 Enquiries:
 Armadale Capital Plc                                  +44 (0) 20 7236 1177

 Matt Bull, Director

 Tim Jones, Company Secretary

 Nomad and Broker: Cavendish Capital Markets Limited   +44 (0) 20 7220 0500

 Neil McDonald / Seamus Fricker

 

 

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