Source - SMW
Thalassa Holdings has agreed the terms of a conditional investment of £400,000 for 40m new shares of Papua Mining at 1p each. The closing mid-price of a Papua share on 1 September 2016 was 1.875p.

At the same time Papua is also proposing to raise up to a further £400,000 through an open offer to all its qualifying shareholders to subscribe for up to a further 40m new shares.

It also proposed to convert £138,000 of convertible loan notes into 13.8m further new ordinary shares, in each case at a price of 1p each.   The issue of all of the Papua shares referred to above is conditional upon approval by its shareholders at a general meeting to be convened by no later than 31 October 2016.

Assuming all of the aforementioned new ordinary shares are issued as described, Thalassa's shareholding in Papua will represent 22.4% of its enlarged share capital.