Churchill issues equity, warrants to help fund lawsuit against RI
Saturday, October 3 2015 - 04:30 AM WIB
LSE-listed Churchill Mining plc announced Friday that the company has conditionally raised ?750,000 before expenses through a placing and subscription of 4,166,664 new ordinary shares of 1p each at a price of 18p per share together with the issue of warrants over ordinary shares on the basis of one warrant for every two placing shares exercisable at a price of 27p per ordinary share expiring on October 31, 2018.
The company said in a statement that the placing shares represent approximately 3 percent of the enlarged issued share capital of the Company.
Churchill said the net proceeds of the placing will provide the company with additional funding to progress its international arbitration claim against the Republic of Indonesia at the International Centre for Settlement of Investment Disputes (ICSID) in Washington DC and for general working capital.
Churchill Mining and its wholly owned subsidiary Planet Mining Pty Ltd filed a lawsuit against Indonesia with ICSID Tribunal due to what the companies claim as unlawful revocation of the mining licenses relating to the East Kutai Coal Project in East Kalimantan (EKCP), Indonesia, in which Churchill and Planet held a 75 percent interest.
Editing by Reiner Simanjuntak