Pan African Resources PLC
05 April 2006
5th April 2006
Pan African Resources plc
('Pan African' or 'the Company')
Pan African Resources raises £1.7m
Pan African Resources PLC (AIM: PAF) the African based gold exploration company
announces that it has raised £1,700,137 by way of two private placings for a
total of 40,003,235 new ordinary shares at a price of 4.25p per share.
The capital raised will primarily be utilised to forward the Company's
exploration activities in Mozambique and the Central African Republic 'CAR'.
In addition, the company has issued 6,000,000 new ordinary shares for £255,000
(equivalent to 4.25p per share) to Pangea Exploration (Pty) Limited by
capitalisation of the liability to Pangea for conceding its rights in the CAR
Joint Venture. These shares are subject to a lock-in period of 1 year.
The total shares issued represent 11.3% of the enlarged share capital of
It is anticipated that all of the new shares will be admitted to trade on 7
Pan African Resources Ambrian Partners Parkgreen Communications
Jan Nelson, CEO Richard Brown Justine Howarth /
+27 11 886 1211 +44 (0) 20 7776 6400 Victoria Thomas
Nathan Steinberg, FD +44 (0) 20 7493 3713
+44 (0) 20 7845 7500
This information is provided by RNS
The company news service from the London Stock Exchange