Forgent raises £1.3m which helps buy majority stake in Peak Hills
Aim-listed diversified energy and mining company Forgent has completed a £1.3-million equity fundraise, having placed 8.6-billion shares at a price of 0.015p apiece, as well as partially exercised its option over the Peak Hills gold and copper project, in Western Australia, to acquire a 51% interest.
The remaining 48% of the project’s ownership remains under option to Forgent for a further five months.
The 51% ownership stake will be bought through $206 000 in cash and 4.8-billion new ordinary shares issued.
Pursuant to the terms of the set-off deeds entered into between Forgent and the secured lenders, the lenders agreed to subscribe for, in aggregate, 5.5-billion ordinary shares of €0.0001 in the capital of the company for an amount equivalent to £1.93-million.
To ensure that the secured lenders and any persons with whom they are acting in concert would not hold more than 29.9% of the voting rights of the company, a total of 2.2-billion initial subscription shares were issued to the secured lenders at that time, amounting to, in aggregate, 28% of the then issued share capital, with the balance of 3.2-billion shares, the final subscription shares, to follow at such time as the issue of such shares would mean that the secured lenders would not hold in total more than 29.9% of the voting rights of the company.
Forgent confirms that the final subscription shares are now being allotted to the secured lenders, following which the lenders will hold 21.78% of the company’s enlarged share capital.
Meanwhile, Forgent has also reached agreements with certain creditors to convert outstanding balances totalling £22 000 into equity – 146-million new ordinary shares in the company.
Following admission of all the shares, there will be 25.3-billion ordinary Forgent shares in issue.
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