London Stock Exchange welcomes Oracle Coalfields, first Pakistan-focussed company to join AIM
- Raises £3 million on admission, in a transfer of its quotation from PLUS to AIM
- Company has major mining operations in Pakistan
- Developing Block VI in Pakistan's Thar Coal Field with an estimated 1.4 billion tonne coal resource
The London Stock Exchange today welcomes Oracle Coalfields plc to its AIM market. The Company has raised an additional £3 million and is being admitted to AIM with a market capitalistaion of approximately £25 million, having transferred from PLUS Markets. Incorporated in the UK, Oracle will be the first company with a major coal mining project in Pakistan to join AIM. The Company de-listed from PLUS at the close of business on 19 April 2011.
Oracle Coalfields is an independent coal developer of an estimated 1.4 billion tonne coal resource in the south-eastern desert of Pakistan's Sindh Province. The Company owns 80% of Sindh Carbon Energy Limited which has been granted a licence in the Thar coal field for coal extraction and development.
Ibukun Adebayo, Head of Primary Markets, South Asia, Africa, and Middle East at London Stock Exchange Group, said:
"We are delighted to welcome Oracle Coalfields to AIM, where it joins a wide peer group of South Asian energy companies and gains access to London's leading pool of international investment capital. Oracle Coalfields' admission highlights the vital role that the London Stock Exchange can play in financing Pakistan's energy requirements and infrastructure development. We look forward to welcoming more Pakistan-focussed companies to our equity markets in the future."
Shahrukh Khan, CEO of Oracle Coalfields, said:
"Oracle Coalfields is at a key stage in its development and we believe AIM can provide the best platform to support the company through its next phase of growth. It will provide additional liquidity, a high profile and access to a large pool of institutional and international investors.
"We are delighted that the strong support of new and existing shareholders has led to us to being significantly oversubscribed. The funds we have raised will be used to complete our planned work programme for the Bankable Feasibility Study and work towards mine development. "
Oracle Coalfields joins four other Pakistani companies listed on London Stock Exchange markets, Lucky Cement, MCB Bank, and United Bank, who are listed on the Professional Securities Market and Oil and Gas Development which is listed on the Main Market.
Libertas Capital Corporate Finance Ltd is the Nominated Adviser and Broker for Oracle Coalfields.
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