Hargreaves Services Plc. (HSP.L) announced Wednesday that it has successfully placed a total of 5.46 million new ordinary shares of 10 pence each at a price of 775 pence per Placing Share with certain new and existing institutional investors, raising total gross proceeds of approximately 42.3 million pounds.
The Placing Shares being issued represent approximately 16.6 per cent of the expected enlarged issued share capital of the Company. It is intended that the net proceeds of approximately 40.7 million pounds will be used by Hargreaves to expand its portfolio of surface mining assets.
Hargreaves said it has agreed with N+1 Singer Advisory LLP and Jefferies International Limited to place 2.73 million Placing Shares, or "First Placing Shares" with certain new and existing institutional investors on a non pre-emptive basis to raise 21.15 million pounds of gross proceeds. Application has been made for the First Placing Shares to be admitted to trading on AIM and it is expected that admission will take place at 8.00 a.m. on 22 April 2013.
In addition, Hargreaves said it has placed a further 2.73 million Placing Shares or he "Second Placing Shares" at the Placing Price with new and existing institutional investors on a non pre-emptive basis to raise an additional 21.15 million pounds of gross proceeds.
The Second Placing is conditional on shareholder approval at a general meeting to be held on 7 May 2013. Application will be made for the Second Placing Shares to be admitted to trading on AIM following the approval of the necessary resolution at the General Meeting and admission of the Second Placing Shares is expected to take place at 8.00 a.m. on 8 May 2013.
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