Anglesey Mining plc aims to raise approximately £1 million via a proposed placing of new ordinary shares of £0.01 each in the company to certain institutional and other investors.
TERMS
The placing shares are at a 28.57% discount of 1.5p pence per share to the closing price of 2.10 pence per ordinary share on 15 May 2023.
Participants have an associated warrant to subscribe for one ordinary share in the company at a price of 2.5p for every two subscribed placing shares.
JUNO INVESTMENT
Under a working capital agreement, Bermuda-based private investment fund Juno Ltd intends to convert debt for equity by directly subscribing for up to 16.5 million new ordinary shares, capped at pro-rata ownership level.
A major shareholder since 1996, Juno had as at 3 April a total of 64,605,248 shares with 21.90% of voting rights. The company had 295,220,548 ordinary shares in issue.
Anglesey Mining chairman John Kearney also intends to subscribe for new ordinary shares as part of a separate subscription.
The company will conduct the placing by way of an accelerated bookbuild from today.
The placing is not underwritten and is not conditional on a minimum amount being raised.
USES
The company will use the net proceeds to begin drilling the Northern copper zone at the Parys Mountain copper-zinc-lead-silver-gold mine and for general working capital.
Funds will also advance the permitting and environmental impact and social assessment of the project.
Additionally, Anglesey Mining will begin baseline studies for the Grängesberg iron ore mine in Sweden.