Close of Offer for Subscription

RNS Number : 9774K

Papua Mining Plc

01 July 2014

 



1 July 2014

Papua Mining plc

Close of Offer for Subscription

Papua Mining plc ("Papua" or the "Company"), a UK company focused on the exploration for and, if commercially feasible, development of gold and copper deposits in Papua New Guinea is pleased to announce that, further to the announcements on 10 and 18 June 2014, the Company has today issued 3,689,200 Offer Units, comprising one Offer Share and one Offer Warrant at an Issue Price of £0.20 to existing Shareholders raising gross proceeds of £737,840.

The Offer for Subscription was made as the Board of the Company felt strongly that its existing Shareholders should have the opportunity to participate at the same price as was offered to those participating in the Placing, also announced on 10 June 2014.

Commenting, Hugh McCullough, Chief Executive Officer of Papua said:

"We are very pleased with this financing which is additional to the gross proceeds of £2,500,000 raised in the recent Placing.  These funds will be utilized in the continuing exploration of our exciting targets in New Britain, Papua New Guinea."

Application will be made to the London Stock Exchange for admission to trading for 3,689,200 Offer Shares, which will rank pari passu with the existing Ordinary Shares in Issue. Admission of the Offer Shares is expected to become effective at 8:00 a.m. on 7 July 2014.

Following Admission of the Offer Shares, the number of ordinary shares that the Company has in issue will be 51,185,534. The total number of voting rights of the Company will be 51,185,534 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.

Enquiries:

Papua Mining plc Hugh McCullough, Chief Executive Officer	[phone]
Cenkos Securities - Nominated Adviser & Broker Beth McKiernan/Alan Stewart	[phone]
Square1 Consulting - Financial Public Relations David Bick/Mark Longson	[phone]

 

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