Arkle Resources plc has raised £200,000 before expenses through a placing of 50,000,000 new ordinary shares at 0.4p per share.
Each placing share has one warrant attached with the right to subscribe for one new ordinary share at 0.5p for a period of two years.
DIRECTORS’ DEALINGS
Chairman John Teeling and non-executive director David Cockbill participated in the placing for a total of 5 million shares.
| No. of Placing Shares subscribed for | Resultant shareholding | % of enlarged share capital | |
| John Teeling | 2,500,000 | 13,375,773 | 3.38 |
| David Cockbill | 2,500,000 | 7,435,408 | 1.88 |
On completion of the placing and following admission the company’s enlarged issued ordinary share capital will comprise 395,382,426 ordinary shares, with no ordinary shares in treasury.
USES
Proceeds will fund the expected drilling programme for zinc in Limerick at the company’s Stonepark joint venture as well as for general corporate activities.