Emmerson announced the successful placing of 30,433,242 new ordinary shares
of no par value in the company on Wednesday, at a placing price of 3p per new ordinary share, and admission of its entire share capital of 48,183,344 ordinary shares to the Official List, and to trading on the London Stock Exchange's Main Market for listed securities.
The firm was registered and incorporated on the Isle of Man on 1 March 2016 and was targeting acquisitions with a net present valuation of up to £100m.
Following completion of an acquisition, the objective of the company would be to operate the acquired business and implement an operating strategy with a view to generating value for its shareholders through operational improvements, as well as potentially through additional complementary acquisitions following the acquisition.
The company said its efforts in identifying a prospective target company or business would not be limited to a particular industry or geographic region.
However, given the experience of the directors, the company expected to focus on acquiring an exploration or production company or business in the natural resources sector with either all or a substantial portion of its operations in South East Asia, Africa, and the Middle East.
In assessing the potential acquisition, the board said it would pay particular attention to a number overriding factors, including the existence of production providing cash flow for the business, strong exploration potential in known natural resources producing areas, the quality of the management, and an established track record of developing natural resources assets.
Emmerson raised gross proceeds of £912,997.26 under the placing, which it said would be used to facilitate its acquisition strategy including due diligence, sourcing, reviewing and pursuing acquisitions, as well as ongoing costs.
"The board of Emmerson comprise a knowledgeable and experienced group of professionals with the relevant skills and expertise to successfully source, structure and complete acquisitions to deliver upon our strategy to return substantial value to investors," said non-executive chairman Cameron Pearce.
"As such we are pleased to be listing upon the Official List of the main market and will look to provide the market with updates in due course."