Onzima Ventures
PLC
("Onzima" or the "Company")
Investment in
Kolar Gold Limited
Onzima is pleased to announce that it has participated in the
conditional fundraising by Kolar Gold Limited (LON: KGLD) (“Kolar
Gold”).
Highlights:
- Transaction subject to Kolar Gold shareholder approval at
Extraordinary General Meeting to be held on 27 July 2016;
- Onzima to invest £30,000 in cash to acquire 2,727,273 new
ordinary shares in Kolar Gold at a price of 1.1p per new ordinary
share (equivalent to approximately 1.4% of the enlarged issued
share capital of Kolar Gold);
- Onzima to also receive 2,727,273 warrants to acquire new
ordinary shares in Kolar Gold at an exercise price of 2.2p per new
ordinary share with 30 month life;
- Board restructuring proposed at Kolar Gold – Cameron Parry, currently CEO of Metal Tiger plc
to take up the position of CEO of Kolar Gold, subject to the
passing of the resolutions at the Kolar Gold GM to be held on
27 July 2016. Luke Cairns, non-executive Director of Onzima
ventures plc, to join as the other Executive Director of Kolar
Gold. Harvinder Hungin to remain Non-Executive Chairman,
Steven Oke to remain Non-Executive
Director and Vaidyanathan Sivakumar
to step down as Non-executive director; and
- New board of Kolar Gold plan an immediate operational review
covering existing exploration interests and various acquisition
opportunities.
Gavin Burnell, Chief Executive
Officer of Onzima commented “We are pleased to support the
fundraising, board and strategy changes at Kolar Gold which
provides Onzima with good upside exposure for its investment”.
For further information please contact:
Onzima Ventures PLC
Tel: +44 (0) 1732 366 561
Gavin Burnell, Luke Cairns
Nominated Adviser
Cairn Financial Advisers
LLP
Tel: +44 (0) 20 7148 7900
Sandy Jamieson, Liam Murray
Broker
Peterhouse Corporate Finance Limited
Tel: +44 (0) 20 7469 0930
Guy Miller, Lucy Williams
Note: This announcement contains inside information which is
disclosed in accordance with the Market Abuse Regulation.