Peter Hambro Mining PLC
18 April 2006
18 April 2006
US$17.4m exercise of IFC option in Peter Hambro Mining
Peter Hambro Mining ("PHM") is pleased to announce that the International
Finance Corporation ("IFC"), the private sector arm of the World Bank Group, is
investing a further US$17.4m by exercising to the full extent their option to
subscribe for ordinary shares in PHM. As was announced on 5 April 2005, the IFC
subscribed for 1,448,545 new PHM shares at that time and was granted the option
to subsequently apply for up to a matching amount of additional new shares.
The initial IFC investment of US$15m in April 2005 was completed at a price of
UK£5.50 per PHM share and the option to subscribe for additional PHM shares was
granted with an exercise price at a 25% premium to this. The full exercise of
the option results in the issue of 1,448,545 additional new PHM shares to the
The IFC is a substantial provider of project and private sector finance in the
developing world, with a significant involvement in Russia across all sectors,
including gold mining. The exercise of the option follows a further
environmental and investment review of PHM by the IFC and approval of the
investment by Board of the IFC.
Peter Hambro, Executive Chairman, said: -
"I am delighted that the IFC is investing in PHM again just over a year after
their original investment. The investment follows a further review of PHM by the
IFC's investment and environmental teams and their further investment is a
strong endorsement of our corporate strategy and operational organisation.
PHM has embarked upon a large expansion programme and it is of great comfort to
be doing so with the support of the World Bank Group. We continue to talk with
the IFC and a number of other project finance banks with regard to debt
financing the development costs. I believe that IFC's investment is a great vote
of confidence in the strength of the projects."
Christopher Goss, Principal Investment Officer, the International Finance
Corporation, said: -
"IFC is very pleased to be increasing its shareholding in PHM. We are excited by
their mine development plans and hope to be able to expand our support to PHM in
implementing them to high environmental and social standards."
Alya Samokhvalova / Marianna Adams +44 (0) 20 7201 8900
Investor Relations, Peter Hambro Mining
Tom Randell / Maria Suleymanova +44 (0) 20 7653 6620
This information is provided by RNS
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