Chesterfield Resources plc has raised £375,192 by allotting 31,266,000 new ordinary shares, each at a 50% premium issue price of £0.012, to its executive chairman Kashif Afzal.
UAE
Mr Afzal will also receive one warrant attached to each new ordinary share, exercisable at £0.02 for a period of five years from the date of issue.
Chesterfield said that Mr Afzal would sell, via a broker, the shares to buyers in the United Arab Emirates, whom he has identified.
The company has also sold 443,000 shares in Sterling Metals Corp for approximately CAD980,000 (£526,312), and expects to sell its remaining 400,000 shareholding “in due course”.
On admission of the new ordinary shares, which represent 16.7% of Chesterfield’s enlarged share capital, the company’s issued share capital will comprise 187,594,311 ordinary shares, each with one voting right.
Mr Afzal said that the new investors, due to buy the 31.26m shares, were led by an “entity” affiliated with investment group, Arowana, founded and led by Kevin Chin.
Arowana has a family office “connected with a ruling family in the United Arab Emirates”.
“We look forward to working closely with Kevin Chin and the broader group, to leverage their expansive global rolodex as we seek to unearth new opportunities for Chesterfield, both in terms of businesses as well as additional high calibre investors,” added Mr Afzal.
SHAREHOLDERS
Following the shares issue, Chesterfield’s major shareholders will be Juniper International FZ LLC, which is 100% owned by Mr Afzal, with 13.5% of the issued share capital, Barry Reynolds (9.12%), Altius Minerals (6.45%).
Chesterfield non-executive director Paul Ensor owns 1.2% while NED and interim chief financial officer Ajay Kerriwal holds 0.1%.
Juniper’s holding includes 23,333,334 shares from Polymetal International plc, which remain subject to regulatory approval.
Chesterfield holds three copper and gold exploration licences in the West Troodos area of Cyprus, after reducing its portfolio from 26 licences in November 2022.