RNS Number:9867S
Minco PLC
24 April 2008
MINCO PLC
ORCA MINERALS CLOSES ADDITIONAL C$3.63 MILLION FINANCING
FOR MEXICAN PROJECTS
London, 24 April, 2008 - Minco plc (MIO), the London AIM quoted precious and
base metals exploration and development company is pleased to report that Orca
Minerals Limited ("Orca"), its Canadian subsidiary, has completed a further
$3.63 million (Canadian) financing through the placement of 7,264,000 Special
Warrants with Pacific Road Resource Funds ("PRRF") and others at a price of
$0.50 (Canadian) per Unit. This financing is in addition to the previously
announced brokered placement of $3.05 million (Canadian) announced on April 1,
2008. Since September 2007, Orca has raised $8.81 million (Canadian) through the
issuance of 17,612,030 Special Warrant Units, all at a price of $0.50
(Canadian). The net proceeds of the Offering are to be used primarily to further
the exploration and development of Orca's Mexican mineral projects.
Orca is progressing with the completion of a proposed merger with Antamena
Capital Corp., and the subsequent trading of its shares on the TSX Venture
Exchange, such transaction to be completed on or about June 30, 2008. Upon
conversion of the Special Warrants to Common Shares of Orca, Minco's ownership
in Orca will be approximately 60.2%.
Special Warrants
Each Special Warrant entitles the holder to receive, upon the exercise or deemed
exercise thereof without payment of any further consideration, one unit of
securities of Orca (a "Unit"). Each Unit is comprised of one common share of
Orca (a "Common Share") and one-half of one common share purchase warrant (a "
Warrant") exercisable as follows: (i) to the extent such whole Warrant is
exercised during the first 12 month period from the Liquidity Event, it will
entitle the holder to acquire one common share in the capital of the Company at
$0.75 (Canadian) per Common Share, and (ii) to the extent such full Warrant is
exercised after the end of the first 12 month period from the Liquidity Event
and on or before the end of the second 12 month period from the Liquidity Event,
one Common Share at $1.00 (Canadian) per share.
Chairman's Comment
Commenting on the announcement, Roger Turner, Executive Chairman said: "We are
very pleased that the Pacific Road Resource Funds have made a further
substantial investment in Orca thereby ensuring that the Company is well
financed to progress its exploration and development plans in Zacatecas,
Mexico."
About Minco:
Minco PLC is an AIM quoted precious and base metals exploration and development
company with silver projects in Mexico and zinc exploration in Ireland.
For further information, www.minco.ie or contact:
Roger Turner: Executive Chairman & CEO +44 (0)20 7397 8155
Terence McKillen: Director of Exploration & Business Development +1 416 362 6686
Danesh Varma, CFO & Company Secretary +44 (0)20 7397 8154
John Frain / Fergal Meegan: (NOMAD) Davy + 353 (0)1 6796363
Tom McCormack (Ireland PR) ConneXions +353 (0)1 230 3015
This information is provided by RNS
The company news service from the London Stock Exchange
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