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Praetorian Resources Ltd

  • BY: Andrew Hore |
  • POSTED: 04/07/2012 |

Mining investment company Praetorian Resources Ltd is raising 20m as part of its flotation on Aim.

The shares are being issued at 50p each and the admission date is 9 July. Shareholders include Aim-quoted Galileo Resources (9.98%) and Sovereign Mines of Africa (5.49%).

Galileo swapped 5m shares at 40p each for its shareholding in Praetorian plus subscription shares on a one-for-two basis. Praetorian is buying a further 2.5m Galileo shares at 40p, taking its stake to 9.03%.

Sovereign exchanged 18.3m shares at a price of 6p each for its stake in Praetorian, which also includes subscription shares on a one-for-two basis. Praetorian is also buying 10.7m Sovereign shares for 6p a share in cash, taking its stake to 29m shares, or 14.9%.

There are also 20.04m subscription shares of no par value that provide the right to convert into one ordinary share at a conversion price of 70p. This could raise a further 28m.

Guernsey-registered Praetorian can invest in any type of mineral or any region. No more than 20% of net asset value will be invested in any single company.

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