Fundraising and Share Issue

RNS Number : 4298H

Minoan Group PLC

22 February 2010

 



22 February 2010

Minoan Group Plc ("Minoan" or "the Company")

Fundraising and Share Issue

Minoan Group Plc, the AIM-quoted leisure resort developer, is pleased to announce that it has successfully placed 3,333,334 New Ordinary Shares at 15 pence per share with a combination of existing shareholders and new investors, raising £500,000. In addition, in order to satisfy certain existing commitments, the Company has agreed to issue 467,585 New Ordinary Shares at 15 pence per share. The total number of New Ordinary Shares to be issued, therefore, is 3,800,919 for a total consideration of £570,138.

The net proceeds will be used to make further progress in bringing the Cavo Sidero Project to fruition and to help progress the Company's development of a meaningful presence in the Greek renewable energy market.

The Directors' beneficial shareholdings are 1,841,223 Ordinary Shares, representing 2.52 % of the issued share capital as enlarged pursuant to this fundraising.

Application has been made for the total number of 3,800,919 New Ordinary Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will be effective from25 February 2010. Following Admission, there will be a total of 73,134,789 Ordinary Shares in issue. 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, Minoan under the FSA's Disclosure and Transparency Rules.

Minoan Chairman, Christopher Egleton commented:

"We are delighted with the support Minoan receives and we continue to believe that the combination of Cavo Sidero and renewable energy represents compelling business and environmental logic."

For further information visit www.minoangroup.comor contact:

Christopher Egleton                   Minoan Group Plc          [e-mail]

Bill Cole                                   Minoan Group Plc                                               01689 897397

Nicola Marrin                           Seymour Pierce Limited                                     020 7107 8000

Sam Tully                                 Seymour Pierce Limited                                     020 7107 8000

Dru Edmonstone                       Rivington Street Corporate Finance Ltd               020 7562 3351

Nick Rome/Gemma O'Hara      Bishopsgate Communications Ltd                        020 7562 3350

 

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