Result of GM and Close of Offer for Subscription

RNS Number : 7658J

Papua Mining Plc

21 December 2015

 

Papua Mining plc

Result of General Meeting and 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 all resolutions put to shareholders at its General Meeting held 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 those participating in the Placing and which was announced on 4 December 2015, along with the Placing, Share Capital Reorganisation and Related Party Transactions, has closed and the Company has issued 2,590,000 Ordinary Shares to raise £25,900 from Existing Shareholders.

The Company has therefore raised a total of £425,900 through the issue of 26,200,000 Placing Shares to raise £262,000, 2,590,000 Offer Shares to raise £25,900 and £138,000 of Convertible Loan Notes to complete the geochemical sampling programme and to carry out the initial phase of drilling at Mount Visi.

In addition, the Company has issued 2,100,000 Ordinary Shares to John Benseman at the Placing Price, in lieu of £21,000 invoiced and now payable.

Hugh McCullough, Director of Papua Mining plc, said:

"Drilling at Mount Visi is expected to start within the next few days.  The target is a surface zone of potassic alteration, typical of the core of porphyry deposits.  The initial drilling programme will comprise a series of eight to ten shallow holes, to approximately 100 metres depth in each hole.  Given the coexistence at surface of so many strong indicators of nearby mineralised porphyry development, we are excited at the prospects for this drilling programme." 

Application has been made to the London Stock Exchange for Admission to trading of a total of 30,890,000 Ordinary 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 22 December 2015.

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 82,105,534. The total number of voting rights of the Company will be 82,105,534 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.

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	[phone]
Cenkos Securities (Nominated Adviser and Broker)
Derrick Lee/Beth McKiernan	[phone]/9778

 

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