Placing to Raise £215,000
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Arkle Resources PLC (AIM:ARK), the Irish Gold and Zinc resources discovery company, is pleased to announce that it has raised £215,000 (before expenses) through a placing of 61,428,571 new ordinary shares at a price of 0.35p per share (the "Placing Shares") (the "Placing"). Each Placing Share has one warrant attached with the right to subscribe for one new ordinary share at 0.35p for a period of two years.
USE OF FUNDS
The net funds received from the Placing will be used for the recently announced Lithium exploration programme as well as for general corporate activities.
DIRECTOR PARTICIPATION
John Teeling and James Finn, both directors of the Company, have participated in the Placing on the same terms as described above as follows:
| No. of Placing Shares subscribed for | Resultant shareholding | % of enlarged share capital | |
|---|---|---|---|
| John Teeling | 28,571,429 | 41,947,202 | 9.18 |
| James Finn | 14,285,714 | 28,349,241 | 6.21 |
RELATED PARTY TRANSACTION
The participation of John Teeling and James Finn in the Placing is a related party transaction for the purposes of AIM Rule 13 of the AIM Rules for Companies. The Director independent of the Placing (being David Cockbill) considers, having consulted with SP Angel Corporate Finance LLP, the Company's Nominated Adviser, that the participation in the Placing by Mr Teeling and Mr Finn is fair and reasonable in so far as Arkle's shareholders are concerned.
ADMISSION AND TOTAL VOTING RIGHTS
An application will be made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and that dealings in the Placing Shares on AIM will commence on or around 23 November 2023.
In accordance with the FCA's Disclosure Guidance and Transparency Rules, the Company confirms that on completion of the Placing and following Admission, the Company's enlarged issued ordinary share capital will comprise 456,810,997 Ordinary Shares.
| a) | Name | Arkle Resources plc |
| b) | LEI | 213800CTOO8MOLMNEQ44 |
| a) | Description of the financial instrument, type of instrument | Ordinary Shares of €0.0025 each. |
| Identification code | ISIN: IE00B2357X72 | |
| b) | Nature of the transaction | Participation in Placing |
| c) | Price(s) and volume(s) | Director Price Volume John Teeling 0.35p 28,571,429 James Finn 0.35p 14,285,714 |
| d) | Aggregated information | |
| - Aggregated volume | 42,857,139 | |
| - Price | 0.35 pence | |
| e) | Date of the transaction | 15 November 2023 |
| f) | Place of the transaction | Off-market |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | 3) John Teeling 4) James Finn |
| 2 | Reason for the notification | |
| a) | Position/status | 3) Chairman 4) Finance Director |
| b) | Initial notification /Amendment | Initial Notification |
| a) | Name | Arkle Resources plc |
| b) | LEI | 213800CTOO8MOLMNEQ44 |
| a) | Description of the financial instrument, type of instrument | Ordinary Shares of €0.0025 each. |
| Identification code | ISIN: IE00B2357X72 | |
| b) | Nature of the transaction | Granting of warrants |
| c) | Price(s) and volume(s) | Director Price Volume John Teeling 0.35p 28,571,429 James Finn 0.35p 14,285,714 |
| d) | Aggregated information | |
| - Aggregated volume | 42,857,139 | |
| - Price | 0.35 pence | |
| e) | Date of the transaction | 15 November 2023 |
| f) | Place of the transaction | Off-market |
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