Papua Mining Plc Conditional Subscription by Director (0557R)
18 September 2017 - 10:35PM
UK Regulatory
TIDMPML
RNS Number : 0557R
Papua Mining Plc
18 September 2017
Papua Mining plc
("Papua" or "the Company")
Conditional Subscription by Director
Further to the announcement released earlier today regarding,
inter alia, the proposed acquisition of BGM Investments Pty Ltd and
a conditional placing to raise up to GBP2.0 million (the
"Conditional Placing and Acquisition Announcement"), Papua Mining
plc, a UK company focused on the exploration of gold and copper
deposits in Papua New Guinea, is pleased to confirm that Michael
Somerset-Leeke, a director of the Company, has confirmed his
conditional subscription to acquire 13,000,000 new Ordinary Shares
at a price of 1.15p per share (the "Conditional Subscription") to
raise GBP149,500 for the Company.
Accordingly, the total amount raised by way of the conditional
Placing is GBP2.0 million (before expenses), through the issue of
133,913,044 New Placing Shares at GBP0.0115 per New Placing
Share.
As Michael Somerset-Leeke is a director and substantial
shareholder in the Company his participation constitutes a related
party transaction under Rule 13 of the AIM Rules. The Directors
(other than Michael Somerset-Leeke) consider that, having consulted
with the Company's nominated adviser, the Conditional Subscription
is fair and reasonable in so far as Shareholders are concerned.
The Placing is conditional, amongst other things, on the passing
of certain resolutions to be proposed at a General Meeting of the
Company and Admission of the New Placing Shares to trading on
AIM.
Further details of the Company's proposals are set out in the
Conditional Placing and Acquisition Announcement. Capitalised terms
in this announcement have the same meaning given to them as defined
in the Conditional Placing and Acquisition Announcement unless the
context otherwise requires.
For further information on the Company please visit
www.papuamining.com or contact:
Papua Mining plc
Hugh McCullough, Director +353 1 532 9535
Cenkos Securities plc - Nominated
Adviser and Broker
Derrick Lee/Beth McKiernan +44 131 220 6939
This information is provided by RNS
The company news service from the London Stock Exchange
END
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