20/04/2011 The London Stock Exchange welcomes Oracle Coalfields plc to AIM
The London Stock Exchange today welcomes Oracle Coalfields (ORCP) to mark the first day of trading on the AIM Market of the London Stock Exchange.
Oracle Coalfields plc (ORCP) is the UK developer and explorer of an estimated 1.4 billion tonne coal resource in the south-eastern desert of Sindh Province, Pakistan. The market capitalisation on listing is £26.25 million following the successful placing of 30,000,000 new ordinary shares ordinary shares at 10p.
The Directors intend to utilise the net proceeds of the Placing to provide working capital to support the growth and development of the Group’s business and to complete its planned work programme for the Bankable Feasibility Study in connection with Block VI of the Thar Coalfields in Pakistan.
Shahrukh Khan, Chief Executive Officer, said:
“It was always our intention to list on AIM and we are delighted by the strong support of our existing and new shareholders which led to us being significantly oversubscribed. We are very pleased to announce the completion of a successful placing, raising £3 million and further broadening our shareholder base. We look forward to updating the market on future developments at Block VI of the Thar Coalfields.”
Libertas Capital Corporate Finance Limited (”Libertas”) is the Nominated Adviser and broker to the Company. In addition, Novus Capital Markets Limited (“Novus”) acted as broker for the Placing.