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LONDON - Corpus Resources Plc (LSE: COR) has issued a correction regarding the details of its recent share placement. The London-based company has clarified that Director Richard Glass subscribed to 413,999,997 Placing Shares, not 413,405,304 as initially reported. Additionally, the aggregated volume and price on the PDMR form have been updated to reflect 413,999,997 Ordinary Shares at £62,100, correcting the previous figure of £62,010.80.
The revision does not affect the total number of Placing Shares being issued, which remains at 659,999,997. The company has confirmed that these shares are set to be admitted to the Official List and begin trading on the Main Market of the London Stock Exchange (LON:LSEG) around February 19, 2025. The Issue Price was set at 0.015 pence per new Ordinary Share, accompanied by one-for-one Warrants exercisable at 0.05 pence per ordinary share, expiring three years from the admission date.
The Placing Shares are expected to represent about 35% of the company’s enlarged issued share capital post-Placement. The Issue Price reflects a 33% discount to the current mid-market price. The net proceeds from the Placing are earmarked for working capital and to advance reverse takeover initiatives.
Following the Admission, Corpus Resources’ issued share capital will include 1,892,973,462 ordinary shares. Shareholders will use this number as the denominator to determine if they need to disclose changes in their company interest, per the Financial Conduct Authority’s rules.
The placement process involved Richard Glass’s subscription and immediate resale of the Placing Shares to certain investors, facilitated by Peterhouse. This move was necessary as the company could not admit all Placing Shares without a prospectus or an exemption.
This announcement is based on a press release statement from Corpus Resources Plc.
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