Issue of Equity - Brazilian Subsidiary Fundraising
21 August 2007 - 5:01PM
UK Regulatory
Issue of Equity - Brazilian Subsidiary Fundraising
ANGUS & ROSS PLC
(AIM: AGU)
BRAZILIAN SUBSIDIARY RAISES �825,000 AS PART OF PRE IPO FINANCING
FIRST REPORT ON GREENLAND DRILLING BEING PREPARED
Angus & Ross plc ("A&R" or "the Company"), the AIM quoted mining
exploration company with interests in Greenland, Brazil and
Australia, is pleased to announce that its Brazilian subsidiary St.
Andrews Mining Limited ("St. Andrews") has raised a total of �825,000
in a pre IPO round of equity financing via a Private Placing.
11 million shares were sold at 7.5p each including 3.34 million
subscribed for by A&R. As a result outside shareholders including
local management now own 19% of St. Andrews, with A&R owning the
balance of 81%. At the placing price, St. Andrews is capitalised at
�5 million.
St. Andrews continues to focus on proving up gold resources in the
Matto Grosso area of central Brazil and the monies raised will be
used to fund exploration taking place at the company's various
projects in Brazil, particularly Santa D�bora - where a comprehensive
programme of trenching, and drilling is taking place to establish a
JORC standard gold resource on a small section of the company's
exploration licences in the Salinas - Praia Grande gold trend.
Canadian consultants, Wardrop Engineering Inc., will be supervising
local consultants Multigeo Minera��o and St. Andrews' management in
order to achieve JORC standard resources at both Santa D�bora and the
smaller but higher grade Santa Elena project.
A further Private Placing is likely to be made subsequent to
Multigeo's report, reflecting an updated valuation of the company.
The Board of St. Andrews is planning for an initial public offering
in early 2008 in order to finance development of Santa D�bora and
other projects.
In Greenland exploration drilling continues and the first two batches
of assay results have been received. These are being correlated with
the drill logs and a full report and interpretation of the progress
to date is being prepared for release as soon as possible.
For further information contact:
Angus & Ross Plc
Robin Andrews, Chairman 01751 430988
Paul Williams, Finance Director 01606 855022
Bishopsgate Communications 020 7562 3366
Nick Rome
Landsbanki Securities (UK) 020 7426 9000
Fred Walsh
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