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Peter Hambro Mining (POG)

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Thursday 05 February, 2009

Peter Hambro Mining

Results of placing

RNS Number : 8772M
Peter Hambro Mining PLC
05 February 2009

5 February 2009



Further to the announcement by Peter Hambro Mining Plc ("PHM" or the "Company") earlier today setting out details of a placing and following completion of the bookbuilding process, PHM is pleased to announce the placing price and the number of new ordinary shares being placed.

The Company announces that a total of 16,000,000 new ordinary shares (the "Placing Shares") have been placed by JPMorgan Cazenove Limited and Canaccord Adams Limited (the "Managers") at a price of 450 pence per Placing Share, raising gross proceeds of £72 million (which is estimated to be approximately £68 million net of expenses).

The net proceeds of the Placing are expected to be used to reduce the Company's short term obligations including its exposure to the US$180 million, 7.000% Gold Equivalent Exchangeable Bonds (the "Bonds") which are repayable at the holders' option on or after 19 October 2009. The reduction in this exposure will support the intended move of the enlarged company to the Main Market, should a merger with Aricom complete.

The Placing will result in an adjustment to the conversion price of the US$140m 7.125% convertible bonds due August 2010. The adjustment will change the conversion price from 742.0p to 724.8p.

Application for all the Placing Shares to trading on the AIM Market of the London Stock Exchange plc will be made. The placing of the Placing Shares is conditional upon, inter alia, admission of the Placing Shares to trading on AIM. It is expected that admission of, and settlement for, the Placing Shares will be made at 8 a.m. on 10 February 2009.

All the Placing Shares will be credited as fully paid and will rank pari passu in all respects with the existing ordinary shares of no par value each in the capital of the Company, including the right to receive all dividends and other distributions declared, made or paid after the date of issue.

JPMorgan Cazenove is acting as sole bookrunner in respect of the placing and is joint broker to the Company. Canaccord Adams is acting as co-lead manager in respect of the placing and is joint broker to the Company.

Terms defined in this morning's announcement of the Placing have, unless the context otherwise require the same meanings when used in this announcement. 

Commenting on the placing, Sir Rudolph Agnew, Senior Non-Executive Director said: "we are delighted with the success of the placing and we think this is a positive development for PHM and our potential merger announced this morning".

Enquiries to:

Peter Hambro Mining           +44 (0) 207 201 8900

Alya Samokhvalova

Rachel Tuft

JPMorgan Cazenove              +44 (0) 207 588 2828

Ian Hannam

Patrick Magee

Joe Seifert

Canaccord Adams                  +44 (0) 20 7050 6500

Neil Johnson

Merlin                                    +44 (0) 207 653 6620

David Simonson

Tom Randell

Important Notice

This announcement has been issued by and is the sole responsibility of the Company. No representation or warranty, express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by JPMorgan Cazenove or Canaccord Adams or by any of their respective affiliates or agents as to or in relation to, the accuracy or completeness of this announcement or any other written or oral information made available to or publicly available to any interested party or its advisers, and any liability therefore is expressly disclaimed.

JPMorgan Cazenove and Canaccord Adams, which are authorised and regulated by the Financial Services Authority are acting for the Company in connection with the Placing and no-one else and neither JPMorgan Cazenove nor Canaccord Adams will be responsible to anyone other than the Company for providing the protections afforded to clients of JPMorgan Cazenove or Canaccord Adams respectively nor for providing advice in relation to the Placing.

The distribution of this announcement and the Placing of the Placing Shares in certain jurisdictions may be restricted by law. No action has been taken by the Company JPMorgan Cazenove or Canaccord Adams that would permit an offering of such shares or possession or distribution of this announcement or any other offering or publicity material relating to such shares in any jurisdiction where action for that purpose is required. Persons into whose possession this announcement comes are required by the Company, JPMorgan Cazenove and Canaccord Adams to inform themselves about, and to observe, such restrictions.

This information is provided by RNS
The company news service from the London Stock Exchange