Irish gold and zinc exploration firm Arkle Resources said it will hold an extraordinary general meeting on April 22nd in Dublin to discuss the share capital reorganisation linked to a placing announced last week. But with the coronavirus pandemic still spreading, the company is encouraging its shareholders to vote online or by proxy.

Details of the conditional share placing were announced on March 27th, and is being backed by the directors.

Arkle, formerly known as Connemara Mining, is seeking to raise £252,000 (€285,000) in working capital from the placing, which is being undertaken with existing investors. The company is issuing 50,400,000 new ordinary shares at a placing price of 0.5p per placing share.

That is lower than the current nominal value of the company’s existing ordinary shares at 1 cent each, necessitating the share capital reorganisation. Arkle is proposing that each of the existing ordinary shares be subdivided into one new ordinary share with a nominal value of €0.0025 and one deferred share with a nominal value of €0.0075. The deferred shares will not have voting rights or value, and will not be admitted to the AIM for trading.