Ambrian Partners Limited (“Ambrian”), the wholly-owned subsidiary of Ambrian Capital plc, is pleased to announce that it acted as a syndicate bank in the CAD$179.4 Million equity financing for Canada’s GTO Resources Inc ("GTO") (NEX BOARD:GTR.H), a geothermal specialist.
GTO Resources, Ram Power, Inc, Polaris Geothermal Inc (TSX:GEO) and Western GeoPower Corp (TSXV:WGP) said in mid-July 2009 that they planned to merge under a shell company called GTO Resources. The proceeds of the equity financing will now be held in escrow until the merger is completed, at which point each subscription receipt will entitle the holder to one common share in the newly formed company, to be called Ram Power, Inc. The companies plan to use the proceeds to develop key projects, for debt repayment and for working capital.
Pursuant to the financing, an aggregate of 59,800,000 Subscription Receipts were issued (including 7,800,000 Subscription Receipts issued pursuant to the exercise in full by the Agents of an over-allotment option) at a price of CAD$3.00 per Subscription Receipt for aggregate gross proceeds of CAD$179,400,000.
About Ambrian Capital plc
Ambrian Capital (AIM: AMBR) is the holding company of Ambrian Partners Limited, Ambrian Commodities Limited and Ambrian Metals Limited.
Ambrian Partners Limited is a specialist investment bank focused on the metals & mining, oil & gas and cleantech sectors. It provides corporate finance advice, equity research, sales and trading and market making services. Ambrian Partners was ranked first in the AIM Basic Materials Sector in the Hemscott 2nd Quarter 2009 Advisers Rankings Guide. Ambrian Partners is a member of the London Stock Exchange and is authorised and regulated by the Financial Services Authority.
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Richard Chase
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Ambrian Parners Limited
Tel: +44 (0)20 7634 4700
Charlotte Kirkham/Ben Simons
M: Communications
Tel: +44 (0)20 7153 1531/1540
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