Weatherly : Result of Open Offer and Placing

Weatherly International PLC



THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL.

Weatherly International Plc

("Weatherly" or "the Company")

Result of Open Offer and Placing, Holdings in Company
and
Total Voting Rights

Weatherly announces the result of the Open Offer for up to approximately £3.8million at 2.925p per Open Offer Share (further details of which were set out in the circular dispatched to shareholders on 18 November 2014) together with further information on the Subscription and the Placing.

Result of Open Offer and Placing

49,697,953 Open Offer Shares were validly applied for by Qualifying Shareholders under the Open Offer Entitlements. Due to excess applications under the Excess Application Facility, the directors have limited excess applications to a further 100 times a shareholder's open offer entitlement. As a result, a further 53,526,953 Open Offer Shares were validly applied for under the Excess Application Facility. This represents in total 79.5% of the Open Offer Share and gross proceeds of the maximum figure of approximately £3.0 million under the Open Offer.

Under the Placing, 26,586,703 Open Offer Shares not taken up under the Open Offer have been placed with certain institutional investors, of which 24,022,602 Shares have been placed with Polo Resources.

In aggregate, under the Subscription, Placing and Open Offer, the Company will issue 160,641,866 Shares (representing 20.7% of the Enlarged Share Capital) for gross proceeds of £4.7 million (net £4.5 million).

Update on Subscription Agreement with Polo

In accordance with the Company's Subscription Agreement with Polo Resources, as the Company delivered less than 76,007,350 Placing Shares to Polo, Polo shall have the right to subscribe for a further 51,984,748 Shares, at the Subscription Price, before 7 February 2015 (being a period of three months from the date of the Subscription Agreement).

Directors' Shareholdings

The interests (all of which are beneficial unless stated otherwise) of the Directors and of persons connected with them (within the meaning of section 252 of the 2006 Act) in the issued ordinary share capital of the Company and the existence of which is known to, or could with reasonable due diligence be ascertained by, any Director as at the date of this document and as they are expected to be immediately following Admission are as follows:

	Prior to Admission		Immediately following Admission
	No. of OrdinaryShares	% of Existing OrdinaryShares	No. of OrdinaryShares	% ofEnlarged ShareCapital
John Bryant	397,500	0.06	739,380	0.10
Rod Webster	27,343,800	4.40	28,271,800	3.64
WolfMartinick	19,263,200	3.10	22,983,200	2.96
Alan Stephens	300,300	0.05	300,300	0.04
Charilaos Stavrakis	1,000,000	0.18	1,421,052	0.18

Major Shareholders

Insofar as has been notified to the Company, and in addition to the holdings of the Directors disclosed above, the following persons hold, prior to Admission and will hold immediately following Admission, directly or indirectly, 3 per cent or more of the Enlarged Share Capital:

	Prior to Admission		Immediately following Admission
	No. of OrdinaryShares	% of Existing OrdinaryShares	No. of OrdinaryShares	% ofEnlarged ShareCapital
Legal & General Group Direct and Legal & General (Unit Trust Managers) Limited	82,733,334	13.4	100,150,877	12.9
BlackRock	51,076,003	8.3	51,076,003	6.6
Logiman	43,300,000	7.0	93,300,000	12.0
Majedie Asset Management	32,892,561	5.3	32,892,561	4.2
Government of the Republic of Namibia	27,364,986	4.4	27,364,986	3.5
Polo Resources Limited	Nil	Nil	54,852,859	7.1

Issue of New Shares and Total Voting Rights

Application has been made for these 160,641,866 Shares, which will rank pari passu in all respects with the Existing Common Shares, to be admitted to trading on the AIM Market of the London Stock Exchange. It is expected that Admission will occur and dealings will commence at 8.00 a.m. on 8 December 2014.

Immediately following Admission, Weatherly's issued share capital will consist of 777,247,010 ordinary shares of 0.5p each with voting rights. The Company does not hold any ordinary shares in treasury. Therefore, the total number of voting rights in the Company is 777,247,010 and this figure may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FSA's Disclosure and Transparency Rules.

John Bryant, Chairman of Weatherly, said, "Our Tschudi project, which is on budget and on schedule, is fully funded up to our first production of copper next year.

"The Board is very confident about Weatherly's prospects but we felt that it was prudent to enter this phase with sufficient cash resources to cover unforeseen eventualities."

Rod Webster, CEO of Weatherly, commented: "I am very pleased to welcome Polo as a shareholder in the Company."

"It should also be noted that we have seen strong demand for shares from our Namibian-based management team and, in a significant vote of confidence, our prime contractor for the Tschudi project- and significant shareholder - Logiman has applied for 50 million shares at a cost of £ 1.5 million."

All defined terms in this announcement have the meanings given to them in the Circular.

For further information please contact:

Weatherly International Plc [phone]

Rod Webster, Chief Executive Officer

Kevin Ellis, CFO and Company Secretary

RFC Ambrian Limited [phone]

(Nominated Adviser & Broker)

Samantha Harrison / James Biddle

Finncap                                                                               [phone]

(Joint Broker)

Joanna Weaving

Blytheweigh                                                                      [phone]

(Financial PR)
Tim Blythe / Halimah Hussain

This information is provided by RNS

The company news service from the London Stock Exchange

ENDMSCBRBDDDGGBGSX