Oracle Coalfields PLC, the UK developer of a lignite coal mine in the south-eastern Sindh Province of Pakistan, has raised £775,000 (before expenses) via the placing of 62 million new ordinary shares.
The placing includes the cash subscription by Oracle directors Adrian Loader and Anthony Scutt. Oracle’s directors and certain senior employees have subscribed for 2,928,253 shares in lieu of remuneration of £36,603 as part of the placing.
Amongst the new shareholders, the company is pleased to welcome Generali Group, the global insurance and financial products group, which has subscribed for 26.4 million placing shares, representing 6.79% of the enlarged issued share capital of the company.
The placing shares will represent approximately 15.93% of the enlarged issued share capital of the company.
Oracle’s CEO Shahrukh Khan says, “I am very pleased with the results of this placing, which demonstrates the support Oracle continues to receive. A number of new investors have participated in the placing and I welcome them to our shareholder register.
“The placing represents the latest step towards our goal of developing a producing mine capable of supplying indigenous coal to contribute towards alleviating Pakistan’s growing energy crisis while simultaneously delivering long-term sustainable returns for our shareholder base.
“We remain totally committed to achieving these two goals, and would like to thank our shareholders for their confidence and support.”