Papua Mining Plc Result of General Meeting and Offer (0222M)
07 October 2016 - 11:27PM
UK Regulatory
TIDMPML
RNS Number : 0222M
Papua Mining Plc
07 October 2016
Papua Mining plc
Result of General Meeting and Close of Offer for
Subscription
Papua Mining plc, a UK company focused on the exploration and
development of gold and copper deposits in Papua New Guinea
("PNG"), is pleased to announce that all resolutions put to
shareholders at its General Meeting and Annual General Meeting,
held earlier today, were duly passed.
The Offer for Subscription, which was made by the Board so that
existing shareholders should have the opportunity to invest in the
Company on the same terms as the subscription by Thalassa Holdings
Ltd (the "Subscription") and which was announced on 2 September
2016, along with the Subscription and the conditional conversion of
GBP138,000 convertible loan notes 2020, has closed and the Company
has issued 11,200,000 Ordinary Shares to raise GBP112,000 from
Existing Shareholders.
The Company has therefore raised a total of GBP512,000 through
the issue of 40,000,000 Subscription Shares to raise GBP400,000 and
11,200,000 Offer Shares to raise GBP112,000.
Hugh McCullough, Director of Papua Mining plc, said:
"We are very pleased with the strong support for our exploration
in Papua New Guinea shown by our new shareholder Thalassa and by
our existing shareholders who participated in the Offer. We look
forward to the next stage of exploration at our exciting Mt Visi
target which is due to commence shortly."
Application has been made to the London Stock Exchange for
Admission to trading of a total of 65,000,000 Ordinary Shares,
representing the Subscription Shares, the Offer Shares and the
Conversion Shares; which will rank pari passu with the existing
Ordinary Shares in issue. Admission of the New Ordinary Shares is
expected to become effective at 8:00 a.m. on 10 October 2016.
Following Admission of the New Ordinary Shares and the Share
Capital Reorganisation, the number of ordinary shares that the
Company has in issue will be 149,772,201. The total number of
voting rights of the Company will be 149,772,201 and this figure
may be used by shareholders as the denominator for the calculations
by which they will determine if they are required to notify their
interest in, or a change to their interest in the Company, under
the Disclosure and Transparency Rules.
Except where stated, all capitalised terms in this announcement
are as defined in the Circular which is available free of charge on
the Company's website: www.papuamining.com.
Enquiries:
Papua Mining plc
Hugh McCullough +353 1 532 9535
Cenkos Securities plc (Nominated
Adviser and Broker)
+44 131 220
Derrick Lee/Beth McKiernan 9100/9778
This information is provided by RNS
The company news service from the London Stock Exchange
END
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