First Day of Dealings on AIM
19 January 2004 - 6:00PM
UK Regulatory
RNS Number:3459U
Triple Plate Junction Plc
19 January 2004
19 January 2004
Triple Plate Junction plc
First Day of Dealings on the Alternative Investment Market
Triple Plate Junction plc ("TPJ" or the "Company"), the gold exploration
company, formed through the acquisition of Larchland by Names.co. Internet plc
(subsequently re-named Triple Plate Junction plc), is pleased to announce its
flotation on the Alternative Investment Market of the London Stock Exchange ("
AIM") today.
The RIC codes for Triple Plate Junction will be TPJ.L/TPJ.LN
The Business
* A gold exploration company
* Areas identified in Vietnam : Pu Sam Cap, A Bung, Lang Vai and Xi Pa, all
are highly prospective for exploration
* The management of TPJ has an excellent track record of building companies,
gold exploration and operating in Vietnam
* Through its subsidiaries, Triple Plate Junction has signed joint venture
agreements with companies including Newmont Vietnam Pty Limited, a
subsidiary of Newmont Mining Corporation, one of the world's major gold
producers in order to develop a mine at Pu Sam Cap if significant deposits
are found
* The first of the four areas that TPJ intend to explore is Pu Sam Cap
The Flotation
* #4.2 million gross has been raised for TPJ via a Placing at a Placing
price of 30p per Ordinary Share by Evolution Beeson Gregory
* Market capitalisation of the Company following the Placing is #10.8
million
* The proceeds of the Placing will be used to fund the application for and
exploration of the selected areas in Vietnam
Key Management
* Ian Gowrie-Smith, Non-Executive Chairman - founder and developer of mining
and pharmaceutical companies, including Skyepharma, Medeva and Griffiths
Bros Ltd
* Geoff Walsh, Chief Executive - Ex-Lonrho plc. From 1991-1995 Geoff was
part of the Lonrho/Gencor JV. Also founder of Resource Management and
Finance Ltd
* David Lees, Finance Director - Chartered Accountant - CFO of Medeva plc
from 1987-1994. Co-founder of Skyepharma. Chairman of Deal Group Media
* Bill Howell, Exploration Director - 37 years in exploration management,
having worked with Newmont, BHP-Billiton and Normandy. Bill has managed
projects in Vietnam for 11 years
Development Strategy
The Company's development strategy in the first year following Admission is as
follows:
* to pursue the granting of the licences, the subject of the Triple Plate
Junction Limited MELA (mineral exploration licence application);
* to pursue the granting of the licences the subject of the Takara MELAs
(Takara is a wholly owned subsidiary of TPJ);
* to pursue Vietnamese exploration and complete the earn-in requirements on
the of the Newmont Venture Agreement;
* to establish a fully functioning office in Hanoi by 31 March 2004 (a
representative office is already established);
* to continue the programme of identification, analysis and negotiation of
controlling interests in first class gold and mineral deposits;
* to create an environment that will attract ''best of breed'' employees;
and
* to continue to build strong relationships with Vietnamese stakeholders.
Identified Areas
* Pu Sam Cap (408sq km)
This project is being undertaken by Triple Plate Junction Limited under the
terms of the Newmont Venture Agreement.
The Pu Sam Cap area was previously the subject of overlapping mineral
exploration applications by Normandy, who commenced reconnaissance exploration
in the area in 1992, and the predecessor company of VRC (PSC) who started
preliminary examination of the area in 1996. Following various negotiations,
VRC, VRC (PSC) and Newmont entered into the Newmont Venture Agreement on 24 June
2003 pursuant to which Triple Plate Junction Limited was incorporated in order
to consolidate both parties' interests in the Area. Triple Plate Junction
Limited has prepared the Triple Plate Junction Limited MELA which comprises five
new mineral exploration licence applications covering a total area of 408 sq km
which are currently under consideration by the Vietnamese Authorities.
* Xi Pa and A Bung (100sq km each)
These contiguous project areas are being managed by Takara pursuant to the
Tiberon Venture Agreements. Each area is of 100sq km and is covered by the
Takara MELAs for Xi Pa and A Bung. A small enclave in the A Bung application is
currently under application by VIMICO. Tiberon is negotiating with VIMICO to
enter into a joint venture agreement with VIMICO which would become Tiberon's
Vietnamese partner in respect of the Takara MELAs.
* Lang Vai (100sq km)
This project is also being managed by Takara under the Tiberon Venture
Agreements. The area of 100sq km is covered by the Takara MELA for Lang Vai.
The New Board believe that the Vietnamese partners' participation in respect of
the Takara MELAs will be between 15 and 30 per cent.
Ian Gowrie-Smith, Chairman, commented :
"The successful Placing and move to AIM are significant steps forward for Triple
Plate Junction. The geological prospects and our early testing, indicates the
possibility of significant gold resources. Combine these factors with Vietnam as
a rapidly developing country, strong connections with major international
companies such as Newmont and TPJ's highly experienced team and you have a very
exciting opportunity."
Placing Statistics
Number of Existing Ordinary Shares (post Consolidation) 12,077,778
Number of Ordinary Shares assuming full exercise of the Warrants 12,877,778
Number of Initial Consideration Shares being issued at Completion pursuant 10,000,000
to the Acquisition
Number of Placing Shares being issued pursuant to the Placing 14,000,000
Number of Ordinary Shares in issue assuming full exercise of the Warrants 36,877,778
following Admission
Initial Consideration Shares as a percentage of the Enlarged Issued Share 27.12%
Capital on Admission
Placing Shares as a percentage of the Enlarged Issued Share Capital 37.96%
assuming full exercise of the Warrants Admission
Market capitalisation of the Company following the Placing at the Placing #10,823,333
Price
Estimated gross proceeds of the Placing #4,200,000
For further information, please contact :
Triple Plate Junction plc 020 7499 1400
Geoff Walsh, Chief Executive
Evolution Beeson Gregory 020 7071 4300
Robert Collins / Tim Redfern
Buchanan Communications 020 7466 5000
Tim Anderson / Isabel Petre/Ben Willey
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This information is provided by RNS
The company news service from the London Stock Exchange
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