– UK – Armstrong Ventures Plc is pleased to welcome Mr Peter Redmond to the Board of the Company as Executive Director, effective immediately. Peter is an experienced natural resource investor and corporate financier with over 30 years’ experience in the SME investment market. He has gained particular experience in the field of reverse takeovers and mergers. Over many years he has acted on and assisted a wide range of companies to attain a listing, whether by IPO or reversals, across a wide range of sectors, ranging from technology through financial services to natural resources and, in recent years, has done so as a director of the companies concerned. He has reconstructed a number of AIM companies which have subsequently acquired or established operating businesses. Reverse transactions on which he has acted include Weatherly International PLC and IGas Energy PLC, in both cases acting as a director both before and after the reverse. Currently, Peter is Chairman of Pires Investments Plc and a director of Kennedy Ventures Plc, both of which are quoted on AIM.
Peter Redmond has invested £10,000 in the Placing and will therefore hold 47,619,047 shares in the Company, representing 1.3 per cent. of the enlarged share capital of the Company. Pires Investments Plc has invested £100,000 in the Placing and will be issued with 476,190,476 Placing Shares, representing 13.0 per cent. of the enlarged share capital of the Company.
Armstrong Ventures also announces that Peterhouse Corporate Finance Limited has raised £330,000 through the placing of 1,571,428,569 ordinary shares at a price of 0.021 pence per share (the “Placing”). The Directors intend to use the net proceeds of the Placing for investment and general working capital purposes.
The Placing is conditional upon admission of the Placing Shares to trading on AIM. Following admission, the Placing Shares will represent, in aggregate, approximately 42.7 per cent. of the Company’s enlarged issued ordinary share capital.
Application has been made to the London Stock Exchange plc for the Placing Shares to be admitted to trading on AIM. It is expected that admission of the Placing Shares will become effective and that dealings in the Placing Shares will commence at 8.00 a.m. on 29 October 2014.
Following completion of the Placing, the total issued ordinary share capital of the Company will comprise 3,672,534,360 ordinary shares. The Placing Shares will be fully paid and will rank pari passu in all respects with the Company’s existing ordinary shares.
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