Result of General Meeting

RNS Number : 6397K

Papua Mining Plc

26 June 2014

 

26 June 2014

Papua Mining plc

Result of General Meeting

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 all resolutions put to shareholders at its General Meeting held today were duly passed. The resolutions passed by shareholders enable completion of the placing to raise £2.5 million (before expenses), through issue of 12,500,000 Placing Units comprising one ordinary share in the Company of £0.10 each ("Placing Share") and one Warrant, at an issue price of £0.20 per Placing Unit, and Offer for Subscription, announced on 10 June 2014.

The Company announced on 18 June 2014, that it had extended the period in which existing Shareholders may apply to participate in the Offer of Subscription to 30 June 2014. A further announcement will be made on that date to confirm the number of shares issued in accordance with the Offer for Subscription.

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

"We are delighted with the success of this Placing since it provides additional funding for the deeper drilling we are now embarking on at our exciting Tripela Target".

Both the Placing and the Offer for Subscription remain conditional upon admission of Placing Shares and Offer Shares to trading on AIM.

Application has been made for 12,500,000 Placing Shares to be admitted to trading on AIM. It is expected that admission of the Placing Shares will take place at 8:00 a.m. on 27 June 2014.

Application will be made for the Offer Shares to be admitted to trading on AIM once the Offer for Subscription closes on 30 June 2014. It is expected that admission of the Offer Shares will take place at 8:00 a.m. on 7 July 2014.

Following Admission of the Placing Shares, the number of ordinary shares that the Company has in issue will be 47,496,334. The total number of voting rights of the Company will be 47,496,334 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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