Arkle Resources plc has raised £500,000 via a private placing of 166,666,667 new ordinary shares at 0.3p per share with existing and new shareholders in the UK and Ireland.
DIRECTORS
The placing price represents a premium of 28%.
Each placing share has one warrant attached to subscribe for one new ordinary share at 0.3p, for a period of two years.
Those participating in the placing include chairman John Teeling who subscribed for 8,333,333 placing shares.
Mr Teeling now holds 60,280,535 shares, equal to 8.24% of Arkle’s enlarged share capital.
Non-executive director David Cockbill subscribed for the same number of shares, taking his holding to 26,768,741 shares (3.8%).
Both have also been each issued with 8,333,333 warrants.
Following admission, the company will have 731,477,664 ordinary shares.
Arkle does not hold any ordinary shares in treasury.
Proceeds will advance the company’s main asset of the Stonepark zinc discovery in Limerick, Ireland and its lithium licences in the Makgadikgadi salt pans of northeast Botswana.