The Directors of Minoan are pleased to announce a placing by investors of Peterhouse Capital Limited of 12,500,000 ordinary shares of 1p each to be issued at 1.1p per share (the "Placing"). In addition, and in order to settle certain existing liabilities the Company is issuing 3,636,364 Ordinary Shares of 1p each at 1.1p per share. The total value of the two issues is £177,500, the majority of which will be utilised in meeting working capital requirements and Project costs.
Subject to admission on AIM, 16,136,364 Ordinary Shares of 1p will be issued at 1.1p per share.
Application has been made for the 16,136,364 new Ordinary Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will be effective from 30 December 2020. The new Ordinary Shares are issued under the authorities in existence at the close of Minoan's last Annual General Meeting held on 30 April 2020. Following Admission, there will be a total of 512,452,272 Ordinary Shares in issue.