Source - RNS
RNS Number : 0222M
Papua Mining Plc
07 October 2016
 

Papua Mining plc

Result of General Meeting and Close of Offer for Subscription

Papua Mining plc, a UK company focused on the exploration and development of gold and copper deposits in Papua New Guinea ("PNG"), is pleased to announce that all resolutions put to shareholders at its General Meeting and Annual General Meeting, held earlier today, were duly passed.

The Offer for Subscription, which was made by the Board so that existing shareholders should have the opportunity to invest in the Company on the same terms as the subscription by Thalassa Holdings Ltd (the "Subscription") and which was announced on 2 September 2016, along with the Subscription and the conditional conversion of £138,000 convertible loan notes 2020, has closed and the Company has issued 11,200,000 Ordinary Shares to raise £112,000 from Existing Shareholders.

The Company has therefore raised a total of £512,000 through the issue of 40,000,000 Subscription Shares to raise £400,000 and 11,200,000 Offer Shares to raise £112,000.

Hugh McCullough, Director of Papua Mining plc, said:

"We are very pleased with the strong support for our exploration in Papua New Guinea shown by our new shareholder Thalassa and by our existing shareholders who participated in the Offer. We look forward to the next stage of exploration at our exciting Mt Visi target which is due to commence shortly.

Application has been made to the London Stock Exchange for Admission to trading of a total of 65,000,000 Ordinary Shares, representing the Subscription Shares, the Offer Shares and the Conversion Shares; which will rank pari passu with the existing Ordinary Shares in issue. Admission of the New Ordinary Shares is expected to become effective at 8:00 a.m. on 10 October 2016.

Following Admission of the New Ordinary Shares and the Share Capital Reorganisation, the number of ordinary shares that the Company has in issue will be 149,772,201. The total number of voting rights of the Company will be 149,772,201 and this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the Disclosure and Transparency Rules.

Except where stated, all capitalised terms in this announcement are as defined in the Circular which is available free of charge on the Company's website: www.papuamining.com.

Enquiries:

Papua Mining plc


Hugh McCullough

+353 1 532 9535

 

Cenkos Securities plc (Nominated Adviser and Broker)


Derrick Lee/Beth McKiernan

+44 131 220 9100/9778

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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