Purchase of shares and options
10 August 2009 - 4:00PM
UK Regulatory
TIDMAR.
RNS Number : 1140X
Archipelago Resources PLC
10 August 2009
ANNOUNCEMENT
ARCHIPELAGO RESOURCES PLC
PURCHASE of SHARES and OPTIONS
by
PT RAJAWALI CORPORA
from
BAKER STEEL FUNDS
and
EXERCISE of OPTIONS by RAJAWALI
Archipelago Resources Plc ("Archipelago" or "the Company") is pleased to
announce that on 7th August 2009 prominent Indonesian company PT Rajawali
Corpora ("Rajawali"), an existing shareholder, agreed to purchase 85,000,000
share options ("Options") and 26,505,800 shares ("Shares") in the Company from
Baker Steel Funds ("Baker Steel"). Furthermore Rajawali has advised the Company
that it has elected to exercise all of the Options purchased at the exercise
price of 12 pence per share and accordingly the Company which was already debt
free and had working capital of GBP1.9 million will now receive an additional
GBP10.2 million.
Following exercise of the Options the Company will have 391,019,334 shares in
issue of which Rajawali will hold 117,305,800 and Baker Steel will hold
97,466,867 representing 30% and 24.9% respectively of the issued capital of the
Company, with a further 8 beneficial shareholders with holdings of greater than
2% holding in aggregate an additional 29.7%. The purchase and exercise of the
Options and purchase of the Shares will result in an investment by Rajawali of
GBP16.7 million, with the GBP 10.2 million noted above going directly to the
Company and the remainder going to Baker Steel.
The Board is very supportive of this major investment in the Company by a strong
and respected local company. Board representation is proposed and Rajawali will
be entitled to participate in any future issues of new shares by the Company to
the extent of its pro rata interest.
The Company is confident that with the support of Rajawali it will secure
regional support for the development of the Company's flagship Toka Tindung Gold
Project ("Project") in North Sulawesi, secure appropriate project financing and
re-commence construction. Rajawali has made clear its intention that the Project
be brought into production as a matter of priority. The Company understands that
Rajawali will also be supportive of the Company acquiring additional gold
project assets in due course.
Archipelago is a mining company listed on the AIM market of the London Stock
Exchange. The Company's principal activities are gold mining and exploration in
Indonesia (as 85% owner of the Toka Tindung Gold Project in Sulawesi), Vietnam
(as majority party in the Pac Lang and Cam Thuy/Ba Thuoc joint ventures with
VINACOMIN a Vietnamese Government mining company) and the Philippines (as option
holder over a 100% interest in the Corplex tenements).
Further Info: Colin Loosemore, Managing Director, Archipelago Resources Plc.
Tel: 00-618-9364-8301
Richard Chase, Ambrian Partners Ltd
Tel: 020-7776-6461
Ron Marshman / John Greenhalgh, Lothbury Financial
Tel: 020-7011-9411
Gerry Beaney / Fiona Kindness, Grant Thornton UK LLP
Tel: 020 7383 5100
www.archipelagoresources.com.au
This information is provided by RNS
The company news service from the London Stock Exchange
END
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