TIDMRLD
RNS Number : 8560D
Richland Resources Ltd
02 November 2020
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS
RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN
WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE
UNITED STATES, AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR ANY OTHER
JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION
WOULD BE UNLAWFUL .
Capitalised terms used in this announcement carry the same
meanings as those ascribed to them in the Company's Admission
Document, unless the context requires otherwise.
2 November 2020
Richland Resources Ltd
("Richland" or the "Company")
Update re Proposed Reverse Takeover Transaction
Publication of Admission Document,
Notice of Annual General Meeting,
Proposed Acquisition of Global Asset Resources Ltd, Proposed
Board Change,
Proposed Fundraising, Proposed Change of Name,
Proposed Share Capital Consolidation,
Proposed Repayment of Loan,
Proposed Issue of Director and Senior Management Fee Shares and
Adviser Fee Shares and Proposed Grant of Options
Richland (AIM: RLD) is pleased to announce that, further to the
binding share purchase agreement ("SPA") with the existing
shareholders of Global Asset Resources Ltd ("GAR"), as announced on
27 July 2020, the Company has now published an Admission Document
dated 30 October 2020, incorporating a formal Notice of Annual
General Meeting, in relation to, inter alia, the conditional
acquisition of GAR (the "Proposed Transaction" or "Acquisition")
and an associated conditional placing and subscription for New
Common Shares (as defined below) to raise, in aggregate, gross
proceeds of GBP3,327,201. GAR, via its wholly owned subsidiary,
Global Asset Resources Holdings, Inc., holds a 51 per cent.
interest in and operatorship of four gold exploration projects in
North and South Carolina in the United States.
Strand Hanson Limited is acting as Nominated and Financial
Adviser to the Company, and Peterhouse Capital Limited is acting as
Broker to the Company.
The Proposed Transaction constitutes a reverse takeover
transaction pursuant to Rule 14 of the AIM Rules for Companies (the
"AIM Rules") and, accordingly, is conditional on, inter alia, the
approval of Shareholders at an Annual General Meeting to be held at
10.00 a.m. (Bermuda time) on 23 November 2020 at Clarendon House, 2
Church Street, Hamilton, HM11, Bermuda.
Key Highlights :
-- Proposed acquisition of GAR, which via its wholly owned US
subsidiary, holds a 51% interest in four gold exploration projects
in North and South Carolina, being :
o the Jones-Keystone-Loflin Project
o the Carolina Belle Project
o the Jennings-Pioneer Project; and
o the Argo Project
(together, the "GAR Projects").
-- Initial Consideration : an aggregate payment on completion of
the Acquisition ("Completion") to the Sellers and URI of AU$60,000
(approximately GBP33,900 or US$43,392) in cash and the issue of
21,367,288 New Common Shares at 2.75 pence per share being the
price of the proposed Placing (as described below) equivalent to
approximately AU$1.04m (approximately US$752,128; GBP587,600). In
addition, Richland made two non-refundable cash payments to GAR of
US$29,340 on 31 July 2020 and US$22,818 on 30 September 2020,
respectively.
-- Deferred Consideration : potential further future payments to
be made to the Sellers and URI, in cash or New Common Shares at
Richland's sole discretion, of, in aggregate, AU$1.5m (the "Tranche
1 Deferred Consideration") and AU$3m (the "Tranche 2 Deferred
Consideration"), subject to the achievement of certain material,
value-generative performance milestones, or the occurrence of
certain vesting events within five years of Completion. Absent the
earlier occurrence of certain Vesting Events, the Tranche 1
Deferred Consideration will fall due upon confirmation of a
prescribed minimum estimated level of JORC 2012 compliant resources
and the Tranche 2 Deferred Consideration will fall due on
completion of a pre-feasibility study confirming a pre-tax NPV of
more than US$50m in respect of any of the GAR Projects (with the
Tranche 1 Deferred Consideration also falling due upon the
achievement of such performance milestone if not previously
triggered/paid).
-- Proposed share capital consolidation : the Company is
proposing a share capital consolidation at a ratio of 10:1 such
that, subject to the passing of the relevant Resolutions (as
defined below), Shareholders will be issued one new common share of
US$0.003 (a "New Common Share") for every 10 existing common shares
of US$0.0003 (the "Existing Common Shares") currently held.
-- Proposed Fundraising : the Company has conditionally raised,
in aggregate, approximately GBP3.33 million (before expenses) via
the proposed issue of i) 84,625,476 New Common Shares pursuant to
the placing (the "Placing Shares") at a price of 2.75 pence per New
Common Share (the "Placing Price") and (ii) 36,363,636 New Common
Shares (the "Subscription Shares") pursuant to the subscription at
the Placing Price (together, the "Fundraising"). The net proceeds
of the Fundraising will be utilised to fund the initial cash
consideration in respect of the Acquisition and the enlarged
group's planned initial two year work programme and requisite
working capital requirements.
-- Proposed Board Change and Other Proposed Corporate Changes :
o Proposed appointment of Rhoderick Grivas, a current director
and shareholder of GAR, to the Board as a Non-Executive Director on
Admission. Mr Grivas is a professional geologist and has
significant operational experience in metals exploration and mining
generally, including specific knowledge of the GAR Projects, and
the Board believes he will be a valuable addition to the
Company.
o Proposed name change to Lexington Gold Ltd to reflect the
transformational nature of the Proposed Transaction (to be effected
shortly following Admission).
The terms of the SPA are set out in more detail in the Company's
announcement of 27 July 2020 and the Company's Admission Document,
however it should be noted that, pursuant to an addendum to the SPA
signed on 30 October 2020, the long-stop date for Completion
pursuant to the SPA has been extended to 15 December 2020.
Similarly, the long-stop date pursuant to the Joint Venture
Implementation Deed between GAR, URI and Carolina Resources has
also, as of 29 October 2020, been extended to the same date of 15
December 2020.
The Proposed Transaction represents a transformational move for
the Company away from being an AIM Rule 15 cash shell to becoming
an operating company with a clear focus on exploration for gold and
other precious metals in North and South Carolina. The Acquisition
rationale is supported by both the Board's belief in the future
potential of GAR's existing project interests and the current
strong market environment in relation to gold. Pursuant to AIM Rule
15, the Company's Common Shares will remain suspended from trading
on AIM until Completion of the Proposed Transaction.
Further comprehensive information on the Acquisition and the
Resolutions can be found in the Company's Admission Document (and
the Notice of Annual General Meeting set out therein), which is
available on the Company's website at www.richlandresourcesltd.com
and has been posted to Shareholders.
Edward Nealon, Non-Executive Chairman of Richland, commented
:
"The proposed rebirth of Richland as Lexington Gold Ltd focused
on the USA represents a move into a world famous mineral zone in
the North and South Carolinas, where the dominant commodity is gold
at a time when gold is performing strongly compared to other
commodities. The acquisition of GAR provides us with not one but
four projects which are all individually highly prospective, with
two of them having walk up drill targets, such that we expect
exciting times ahead."
For further information, please contact :
Bernard Olivier Edward Nealon Mike Allardice
Chief Executive Officer Chairman Group Company Secretary
+27 76 254 2506 +61 409 969 955 +852 91 864 854
Financial & Nominated Broker
Adviser Peterhouse Capital
Strand Hanson Limited Limited
James Harris Duncan Vasey / Lucy
Matthew Chandler Williams (Broking)
James Bellman Eran Zucker (Corporate
+44 (0) 20 7409 3494 Finance)
+44 (0) 20 7469 0930
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014.
Notice of Annual General Meeting
In accordance with Rule 14 of the AIM Rules, completion of the
Proposed Transaction is subject to approval by Shareholders to be
sought at a forthcoming annual general meeting of the Company to be
held at 10.00 a.m. (Bermuda time) on 23 November 2020 at Clarendon
House, 2 Church Street, Hamilton, HM11, Bermuda (the "Annual
General Meeting"), formal notice of which is incorporated in the
Company's Admission Document (the "Notice of Annual General
Meeting").
A Form of Proxy or Form of Instruction (as applicable) has been
sent to Shareholders alongside the Admission Document and can be
downloaded from the Company's website at:
www.richlandresourcesltd.com. Shareholders are encouraged to return
their Form of Proxy or Form of Instruction as soon as practicable
and, in any event, by no later than 10.00 a.m. (London time) on 19
November 2020 in respect of the Form of Proxy and 10.00 a.m.
(London time) on 18 November 2020 in respect of the Form of
Instruction. The Form of Proxy or Form of Instruction (as
applicable) must be deposited at or delivered to the Company's
Transfer Secretary, Computershare Investor Services PLC, The
Pavilions, Bridgwater Road, Bristol BS99 6ZY, United Kingdom, or
sent by email to ExternalProxyQueries@computershare.co.uk. The
record date for voting at the Annual General Meeting is close of
business (London time) on 19 November 2020.
The Notice of Annual General Meeting sets out resolutions to
approve, inter alia, the Proposed Transaction, the proposed change
of the Company's name to Lexington Gold Ltd, a 10 for 1 share
capital consolidation to reduce the total number of Common Shares
in issue (the "Share Consolidation"), the proposed appointment of
Rhoderick Grivas to the Board of the Company, and certain changes
to the Company's Bye-laws to bring the Company into greater
alignment with more UK market standard corporate governance
practices (the "Resolutions"). Completion of the Proposed
Transaction is conditional on: approval by Shareholders of all
resolutions set out in the Notice of Annual General Meeting; the
Placing Agreement and Subscription Agreement not being terminated
in accordance with their terms; receipt of the Subscription funds
prior to the AGM; and admission of the Enlarged Share Capital to
trading on AIM. The Existing Directors unanimously recommend that
Shareholders vote in favour of all of the Resolutions.
Assuming that the Resolutions are approved, it is expected that
the Acquisition will complete and that Admission will occur and
trading in the New Common Shares will commence at 8.00 a.m. on 25
November 2020. Accordingly, trading in the Company's shares will
remain suspended until such time.
In the event that, for whatever reason, the Proposed Transaction
is not completed, the Company's Existing Common Shares will remain
suspended until such time as another acquisition which constitutes
a reverse takeover under AIM Rule 14 (including seeking
re-admission under the AIM Rules for Companies) is completed or the
Company becomes an investing company pursuant to AIM Rule 8 (in
either case, a "Re-admission Transaction"). If the Resolutions are
not approved there can be no guarantee that the Company will be
able to complete any alternative Re-admission Transaction within
six months of the suspension date of 1 July 2020 and consequently
be re-admitted to trading on AIM before 31 December 2020 to avoid
the Company's admission to trading being cancelled on 1 January
2020 and/or secure funding on similar commercial terms to the
Placing and Subscription. Accordingly, as stated above, the Board
unanimously recommends that Shareholders vote in favour of all of
the Resolutions.
Proposed Share Consolidation
Admission is conditional upon the approval of the Resolutions,
including the Share Consolidation.
The Share Consolidation, which is expected to take place after
close of business (London time) on 23 November 2020, being the
Record Date, will involve every 10 Existing Common Shares in issue
at such time being consolidated into one New Common Share. The
rights attached to the New Common Shares will be the same as the
rights attaching to the Existing Common Shares and the New Common
Shares will upon Admission, trade on AIM in place of the Existing
Common Shares.
In order to avoid any fractions resulting from the consolidation
of the Company's outstanding Existing Common Shares, which
comprised 1,115,447,891 Existing Common Shares (of which 7,275,000
were held by the Company in Treasury) on 30 October 2020, the
Company has cancelled one Existing Common Share from its Treasury
holdings, such that the total number of Existing Common Shares that
will be suvject to the consolidation is 1,115,447,890 (i.e. a
number exactly divisible by 10, being the Share Consolidation
factor).
No Shareholder will be entitled to a fraction of a New Common
Share and where, as a result of the Share Consolidation, any
Shareholder would otherwise be entitled to a fraction only of a New
Common Share in respect of their holding of Existing Common Shares
on the Record Date (a "Fractional Shareholder"), such fractions
will, in so far as possible, be aggregated with the fractions of
New Common Shares to which other Fractional Shareholders of the
Company would be entitled so as to form full New Common Shares (the
"Fractional Entitlement Shares"). These Fractional Entitlement
Shares will be held in Treasury by the Company.
Shareholders with only a fractional entitlement to a New Common
Share (i.e. those Shareholders holding a total of fewer than 10
Existing Common Shares at the Record Date) will cease to be a
Shareholder of the Company.
The Company will issue new share certificates to those
Shareholders holding shares in certificated form to take account of
the Share Consolidation. Following the issue of new share
certificates, share certificates in respect of Existing Common
Shares will no longer be valid. Shareholders will still be able to
trade in the Company's New Common Shares during the period between
Admission and the date on which Shareholders receive new share
certificates.
The Fundraising
In connection with the Acquisition, the Company has
conditionally raised, in aggregate, approximately GBP3.33 million
(before expenses) via the issue of, in aggregate, 120,989,112 New
Common Shares at a price of 2.75 pence per New Common Share (the
"Fundraising Shares"), comprising 84,625,476 Placing Shares and
36,363,636 Subscription Shares.
Completion of the Fundraising is conditional on approval by
Shareholders of all Resolutions set out in the Notice of Annual
General Meeting, the Placing Agreement and Subscription Agreement
not being terminated in accordance with their terms, receipt of the
Subscription monies prior to the AGM and admission of the Enlarged
Share Capital to trading on AIM.
The net proceeds of the Fundraising, being approximately GBP2.53
million, will be utilised to fund the initial cash consideration in
respect of the Acquisition and the enlarged group's planned initial
two year work programme and requisite working capital
requirements.
Significant Shareholders
On Admission, the Company's significant shareholders holding
over 3 per cent. of the Enlarged Share Capital are expected to
comprise:
Shareholder Number of New Common Percentage of the
Shares held on Admission Enlarged Share Capital
held on Admission
Doris Chiatanasen 36,363,636 13.91
-------------------------- ------------------------
Trevor Allan 36,363,636 13.91
-------------------------- ------------------------
Mark Mitchell Greenwood 33,244,999 12.71
-------------------------- ------------------------
Argon Financial Limited 10,909,092 4.17
-------------------------- ------------------------
Board Change
As noted above, one of the Resolutions relates to the proposed
appointment of Rhoderick Grivas to the Board of the Company.
Rhoderick Grivas is a current director and shareholder of GAR and
it is proposed that he be appointed to the Board as a Non-Executive
Director from Admisson. Mr Grivas is a professional geologist and
has significant operational experience in metals exploration and
mining generally and specific knowledge of the GAR Projects and the
Board believes he will be a valuable addition to the Company.
Further information on Rhoderick Grivas, including the
information required to be disclosed pursuant to Schedule 2(g) of
the AIM Rules, is provided in the Company's Admission Document and
will also be announced on conclusion of the Annual General Meeting
subject to the Resolutions being approved by Shareholders.
Lock-in arrangements
Each of the Rule 7 Locked-In Shareholders, which includes all of
the Existing Directors, the Proposed Director, Mark Greenwood and
certain applicable employees, has undertaken to the Company, Strand
Hanson and Perterhouse Capital that they will not dispose of any
interest in the common shares of the Company held by them for a
period of 12 months from the date of Admission pursuant to the
requirements of AIM Rule 7. In total, the Rule 7 Locked-In
Shareholders will hold 56,821,906 New Common Shares representing
approximately 21.73 per cent. of the Enlarged Share Capital at
Admission.
In addition, the Locked-In Sellers being the Founder Sellers
excluding the Proposed Director (who is a Locked-In Shareholder)
have agreed that they will not dispose of any interest in the New
Common Shares held by them on Admission for a period of six months
from the date of Admission. The Locked-in Sellers will, on
Admission, hold 8,347,393 New Common Shares representing
approximately 3.19 per cent. of the Enlarged Share Capital.
ISIN/TIDM and Change of Name of the Company
The Board notes that, assuming the Resolutions are approved by
Shareholders, the Company will commence trading on its re-admission
to AIM under the new ISIN BMG7567C1304 and under its existing name
of Richland Resources Ltd, with the TIDM remaining as AIM:RLD.
Following the Annual General Meeting, the Company will apply to the
Registrar of Companies in Bermuda to effect the change of name to
Lexington Gold Ltd and to the Bermuda Stock Exchange for a further
new ISIN for its new common shares to reflect the change of name
(as per the relevant requirements in Bermuda). Once such process
has been duly completed, the change of name, ISIN and change of
TIDM (to AIM:LEX) will be effected so as to ensure no disruption to
trading, and details of the new ISIN and confirmation of the name
change being effected will be announced in due course following the
Annual General Meeting.
Proposed Repayment of Loan
As announced on 29 September 2020, Edward Nealon, Non-Executive
Chairman of the Company, provided a three month short-term
unsecured working capital facility of US$100,000 via his company,
Almaretta Pty Limited (the "Working Capital Facility"). The Company
intends to repay the Working Capital Facility in full via the issue
of 2,840,909 New Common Shares to Almaretta Pty Limited (the "Loan
Repayment Shares") following the AGM.
Director, Former Directors and Senior Management's proposed fee
conversions
Edward Nealon, certain former directors (being Anthony Brooke
and Nicholas Sibley), and certain consultants and members of senior
management have agreed to convert, in aggregate, US$128,000 of
accrued fees due to them (which to date have been deferred), into,
in aggregate, 3,636,363 New Common Shares at the Placing Price (the
"Conversion Shares"). The Conversion Shares are intended to be
issued following the AGM and the beneficial interests of the
relevant individuals will be as set out below on Admission:
Individual Position Number Resulting Resulting
of Conversion number of percentage
Shares New Common of Enlarged
to be received Shares on Share Capital
Admission on Admission
Edward Nealon Non-Executive Chairman 454,545 6,259,895* 2.39
------------------------- ---------------- ------------ ---------------
Nicholas
Sibley Former Director 426,136 6,954,856 2.66
------------------------- ---------------- ------------ ---------------
Anthony Brooke Former Director 852.273 6,348,426 2.43
------------------------- ---------------- ------------ ---------------
Michael Allardice Group Company Secretary 1,136,364 6.566,801** 2.51
------------------------- ---------------- ------------ ---------------
Chief Financial
Louis Swart Officer 767,045 5,889,261 2.25
------------------------- ---------------- ------------ ---------------
* Includes the 2,840,909 Loan Repayment Shares to be issued to
Almaretta Pty Ltd.
** To be held by Strategic Investments International Ltd, a
company wholly owned by Michael Allardice.
Proposed Issue of Adviser Fee Shares
The Company has agreed to issue, in aggregate, 1,827,849 New
Common Shares following the AGM to certain advisers and introducers
in lieu of fees due pursuant to the Proposed Transaction (the
"Adviser Fee Shares").
Proposed Issue of Adviser Warrants
The Company has agreed to issue, in aggregate, 7,844,364
warrants over New Common Shares exercisable at the Placing Price
for a period of three years from Admission to certain of its
advisers.
Admission, Settlement and Dealings
Application will be made for the Fundraising Shares, the
Consideration Shares, the Adviser Fee Shares and the Conversion
Shares to be admitted to trading on AIM at the same time as
application is made for admission of all of the other New Common
Shares to trading on AIM pursuant to completion of the Proposed
Transaction and the Share Consolidation. If all of the Resolutions
are passed at the Annual General Meeting, it is expected that such
admission of, in aggregate, 261,478,810 New Common Shares will
become effective and dealings commence at 8.00 a.m. on 25 November
2020. Trading in the Company's Existing Common Shares will remain
suspended until such time.
A summary of the Acquisition and Fundraising statistics
andexpected timetable of principal events is set out at the end of
this announcement.
If the Resolutions are not passed at the Annual General Meeting,
the Acquisition will not proceed and the Directors will need to
consider alternative options for the Company. The Company will have
expended sizeable monies in pursuing the proposed transaction and
will therefore incur significant abort costs and there can be no
guarantee that a suitable alternative Re-admission Transaction
and/or funding on similar commercial terms to the Placing and
Subscription can be obtained on a timely basis or at all.
Propose Grant of Options
The Company intends shortly after the AGM to grant, in
aggregate, 19,610,910 options over New Common Shares to certain
directors, the proposed director and senior managers of the Company
exercisable at a price of 2.75 pence per share (the "Options"). The
Options will vest in three equal tranches being: (i) one third on
the date of issue; (ii) one third on the first anniversary of
Admission; and (iii) one third on the second anniversary of
Admission, and will be exercisable for a period of 10 years from
Admission (the "Options"):
Director / Senior Manager Number of Options
Edward Nealon 2,614,788
------------------
Bernard Olivier 4,140,081
------------------
Melissa Sturgess 2,614,788
------------------
Rhoderick Grivas 2,614,788
------------------
Senior Managers 7,626,465
------------------
Total 19,610,910
------------------
Related Party Transactions
The proposed issues of the Conversion Shares and Loan Repayment
Shares, as detailed above, are deemed to be related party
transactions pursuant to Rule 13 of the AIM Rules for Companies.
Accordingly, the independent directors for the purposes of such
share issues, being Melissa Sturgess and Bernard Olivier, having
consulted with the Company's Nominated Adviser, Strand Hanson
Limited, consider that the terms of the issues of the Conversion
Shares and the Loan Repayment Shares to the relevant individuals
are fair and reasonable insofar as the Company's Shareholders are
concerned.
Expected Timetable of Principal Events
Publication of the Admission Document 30 October 2020
Latest time and date for receipt of Forms 10.00 a.m. on 18
of Instruction November 2020
Latest time and date for receipt of Forms 10.00 a.m. on 19
of Proxy November 2020
Annual General Meeting 10.00 a.m. (Bermuda
time) on 23 November
2020
Record time and date for the Share Consolidation Close of business
(London time) on
23 November 2020
Admission effective and dealings in the 8.00 a.m. (London
Enlarged Share Capital expected to commence time) on 25 November
on AIM 2020
Completion of the Acquisition 25 November 2020
CREST accounts expected to be credited with 25 November 2020
the Consideration Shares, the Placing Shares,
the Subscription Shares, the Conversion
Shares, the Loan Repayment Shares, the Adviser
FeeShares and all other New Common Shares
(where applicable)
Definitive share certificates for the Consideration 9 December 2020
Shares, the Placing Shares, the Subscription
Shares, the Conversion Shares, the Loan
Repayment Shares, the Adviser Fee Shares
and all other New Common Shares (where applicable)
expected to be despatched by
Note: Each of the times and dates in the above timetable is
subject to change. All references are to London time unless
otherwise stated. Temporary documents of title will not be issued.
If any of the details contained in this timetable should change,
the revised times and/or dates will be notified by means of an
announcement through a Regulatory Information Service.
Acquisition and Fundraising Statistics
Number of Existing Common Shares* 1,108,172,891
Closing mid market price per Common Share on 0.325 pence
30 June 2020 (being the last dealing day prior
to the suspension of the Common Shares from
trading on AIM)
Share Consolidation Ratio 10:1
Number of Consideration Shares to be issued
pursuant to the Acquisition** 21,367,288
Number of Placing Shares and Subscription Shares
to be issued pursuant to the Placing and Subscription** 120,989,112
Number of Adviser Fee Shares** 1,827,849
Number of Conversion Shares** 3,636,363
Number of Loan Repayment Shares** 2,840,909
Number of New Common Shares in issue on Admission** 261,478,810
Placing Price 2.75p
Market capitalisation of the Company at the GBP7,190,667
Placing Price on Admisssion
Value of Consideration Shares at the Placing GBP587,600
Price
Percentage of the Enlarged Share Capital represented 8.17 per cent.
by the Consideration Shares at Admission
Percentage of the Enlarged Share Capital represented 46.27 per cent.
by the Placing Shares and the Subscription
Shares at Admission
Percentage of the Enlarged Share Capital held 4.25 per cent.
by the Existing Directors and Proposed Director
at Admission
Gross proceeds of the Placing and Subscription GBP3,327,201
Estimated net proceeds of the Placing and Subscription GBP2,525,613
receivabe by the Company
Current AIM symbol RLD
Proposed new AIM symbol upon change of the LEX
Company's name***
ISIN of the Existing Common Shares BMG7567C1064
ISIN of the New Common Shares on Admission BMG7567C1304
Notes:
* excluding the 7,274,999 Common Shares currently held in
treasury. To facilitate the Share Consolidation, one of the
Existing Common Shares previously held in treasury was cancelled by
the Company on 30 October 2020.
** the number of shares is stated following implementation of
the Share Consolidation.
*** subject to the receipt of shareholder approval, the change
of name is expected to be implemented as soon as practicable
following Admission and will be announced via a Regulatory
Information Service once effected.
Exchange rates applied to currency conversions within this
announcement :
GBP1:US$1.28
GBP1:AU$1.77
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