Following the admission to the standard segment of the Official List of the Financial Conduct Authority of the United Kingdom (”FCA”) and to trading on the regulated market of the London Stock Exchange (“Admission”) of the whole of the issued share capital of the Company, the Board of IMC is pleased to announce that it has raised GBP 100,000 (one hundred thousand pounds Sterling) before expenses by way of a placing (the “Placing”) of 10,000,000 (ten million) new ordinary shares of EUR0.001 each (“Shares”) in the Company at a price of 1p per share (the “Placing Shares”), conditional only upon Admission of the Placing Shares. Alongside each Placing Share will be issued a warrant to subscribe for one further Share at a price of 1p per Share, exercisable for one year from the date of issue (“Warrant”). There is no intention to make application for admission to trading on any public market of the 10,000,000 Warrants.
The Placing Shares will rank in all respects pari passu with the existing Shares, of which 255,014,285 are in issue. Application is being made for Admission of the Placing Shares, which is expected to occur on or about 31st July 2019. The total number of Shares in issue following the Placing will be 265,014,285 (previously 255,014,285).
The net proceeds of the Placing will be applied to general working capital purposes, including acceleration of the Company’s geological work on the Avoca project in Co. Wicklow, Ireland. Recently, samples of the spoil heaps were taken at one metre intervals through the upper sections of the heaps. Sulphide mineralisation was visible throughout. A portion of these samples has been combined and is currently undergoing extensive mineralogical and metallurgical examination in an external laboratory to determine the most efficient means of metal extraction.
IMC’s exploration programme on its gold and copper licences in south-east Ireland continues, with a considerable amount of data already gathered. These data are currently being analysed and will inform the next phase of the Company’s works’ programme in this area.
Eamon P. O’Brien,
Executive Chairman,
Dublin, 29th July 2019
The Directors of IMC, after due and careful enquiry, accept responsibility for the contents of this announcement.
REGULATORY ANNOUNCEMENT ENDS.
Contact Details:
Kathryn Byrne: +353 85 233 6033
IMC Exploration Group plc
Graham Atthill-Beck: +44 20 7464 4091/+44 750 643 4107 / Graham.Atthill-Beck@kbrl.co.uk
Brinsley Holman: +44 20 7464 4098 / Brinsley.Holman@kbrl.co.uk
Keith, Bayley, Rogers & Co. Limited
Tom Curran: +44 20 3700 0100
SVS Securities Limited