Lotos Resources LS-01 (WKN: A0YE03)
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Wertpapier: Lotus Resources LS -,01 |
Fundraising: Update
Lotus Resources Plc ('Lotus' or 'the Company') (PLUS Markets: LOTP), a company engaged in the development of mining and exploration projects in Mongolia, is pleased to announce that it has completed a £600,000 fundraising by way of a placing.
£100,000 has been raised through the issue of 4,694,835 shares ordinary shares at 2.13p per share with a further £500,000 raised via a convertible secured loan note based on asset acquisition.
The shares have been issued pursuant to the current dis-application of pre-emption rights as approved by the shareholders at the Company's AGM in 2009, whilst the issue of the loan notes and warrants are subject to shareholder approval.
These funds have been raised for working capital and to develop the mining opportunities in Mongolia already announced with the funding from the convertible loan note being allocated for the purchase of production assets. Brief summaries of these projects are given below.
Lotus Resources' Fluorspar Projects
Lotus Resources Plc operates in Mongolia through its wholly owned subsidiary Lotus Minerals Mongolia LLC ("LMML") which holds the Group's investments in its mining and exploration companies.
Lotus Amgalan LLC ('Chuluut Project')
eine Gesellschaft beschäftigt mit der Entwicklung von Bergwerks- und Erforschungsprojekten in der Mongolei, ist zufrieden bekannt zu geben, dass es eine Kapitalbeschaffung von 600.000 £ vollendet hat.
100.000 Pfund wurden durch die Ausgabe von 4694835 Stammaktien zu 2,13 p je Aktie und weitere £ 500.000 über eine Wandelanleihe gesichertes Darlehen generiert.
GrB
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Wertpapier: Lotus Resources LS -,01 |
Disposal Completion and Board Changes
18 November 2010
LOTUS RESOURCES PLC
("Lotus" or the "Company")
Disposal Completion and Board Changes
Further to the Company's announcement on 29 October 2010, the Directors of
Lotus are pleased to announce that it has completed the sale of its Mongolian
mining subsidiary, Lotus Minerals Mongolia Limited (`LMM'), to Mongolian
Minerals Pte Ltd, a company controlled by Mr James Rodriguez de Castro.
The terms and conditions of the sale remain as announced on 29 October.
As part of the repositioning of Lotus and the development of its future
strategy, the Company also announces that Mr Gobind Sahney has been appointed
to the Board as Executive Chairman. Mr. Sahney is Managing Member of GO
Services LLC, a successful investment management firm specialising in the
purchase, trading, and recovery of stressed, distressed, and delinquent
consumer and commercial receivable portfolios in the United States, Europe, and
Great Britain. He is also currently Chairman of Receivable Acquisition &
Management Corporation. He was involved in the founding and guidance of a
successful consumer finance (credit card) marketing organization affiliated
with MBNA America Bank. He is a former board member and past Chairman of the
Asset Buyers Division of the ACA International. Mr. Sahney is a Trustee and
graduate of Babson College with degrees in both Finance and Accounting. Mr.
Sahney currently lives in the UK with his family.
In addition to directorships of the Company, Mr. Sahney holds or has held the
following directorships or has been a partner in the following partnerships
within the five years prior to the date of this announcement:
Current Directorships / Partnerships Past Directorships
Argus Global Limited Pretium Management Limited
Argus Global Holding Limited
Receivable Acquisition & Management
Corporation
Additionally, Lotus also announces today that James Benson will be stepping
down from the Board. The sale of LLM announced today, marks a major step
forward following the strategic review announced by the Company on 14 September
2010. As indicated at that time, James had agreed to stay on the Board during
this interim period, to provide guidance and continuity to the Company. The LMM
sale marks an end to this interim, transitional phase, and leaves Lotus in a
debt-free, cash positive position. The Board would like to thank James for all
his efforts during his time with the Company, and would like to wish him every
success in the future.
It is the intention of the Board to make further announcements relating to the
future strategy of Lotus in the near future.
The Directors of the issuer accept responsibility for this announcement.
---ENDS---
Enquiries:
Lotus Resources Plc
Jonathan Bradley-Hoare Tel: +44 (0) 20 7467 1700
Rivington Street Corporate Finance
Heena Karani Tel: +44 (0) 20 7562 3393
