Landkom plans USD 6.7 mln share placement

Landkom International (LKI LN) said on Friday that it will conditionally place 40 mln new ordinary shares with a par value of 0.1 pence each at 12 pence per share subscription price to raise GBP 4.8 mln (USD 6.7 mln). Completion of the share placement is conditional on admission to trading on AIM; the company has filed an application and expects admission to occur around March 11, 2009. In its press release, Landkom said that its cash reserves (USD 4.1 mln as of Dec. 31, 2008) and proceeds from the share placement will be sufficient to complete this year’s harvest, due to commence in June.