Chaarat Gold Holdings Ltd, the BVI-registered holding, announced that it has placed 18,558,281 new Ordinary Shares at 12% per share, representing approximately 20.5% of the issued ordinary share capital immediately after the placing, to raise approximately £2.1million net of expenses for the company.
The shares are being placed with both existing and new investors, as well as company directors. After the completion of the placing, the BVI company will have cash resources of approximately £2.3 million. The shares are issued credited as fully paid, and will rank on the same level as the existing ordinary shares.
The company will apply for the placing shares to be admitted to trading on the London Stock Exchange AIM market, and it is expected that admission will take place and that trading will commence in such shares on or about 11 May 2009.
Canaccord Adams has entered into a placing agreement with the BVI company, pursuant to which it agreed to use its reasonable endeavours to place the shares at the Placing Price.
Upon admission, the company will have 90,441,714 Ordinary shares of $0.01 each in issue. The shares are being placed with both existing and new investors, as well as company directors.