RNS Number : 0790Z
Patagonia Gold PLC
15 July 2008
15 July 2008
Patagonia Gold Plc ("Patagonia Gold" or the "Company")
Placing to raise £2 million
Patagonia Gold, the South American mining explorer, today announces that it has agreed to
place 29,629,870 new ordinary shares of 1p
each in the Company ("Placing Shares") at a placing price of 6.75p per share (the "Placing")
to raise approximately £2 million before
expenses. The proceeds from the Placing will be used to finance working capital and continuing
exploration expenditure.
The Placing Shares will be subscribed for by certain Directors and Institutions.Directors' discloseable interests are as set out below. The Placing is conditional on admission of the Placing Shares to trading on AIM.
The Directors will subscribe for Placing Shares as follows:
Shareholding Percentage of enlarged
Placing Shares immediately issued share capital
Subscribed following Admission
Director
Sir John Craven 1,481,500 4,479,000 1.04
Carlos Miguens 3,990,270 77,025,576 17.81
William Humphries 1,481,500 10,713,853 2.48
Gonzalo Tanoira 327,539 6,438,447 1.49
The Placing Shares will represent 6.85% of the then enlarged issued share capital of the
Company. The number of ordinary shares in issue
following the Placing, and the total number of voting rights, will be 432,552,783. The Placing
Shares will rank pari passu with existing
ordinary shares of 1p each in the Company. Application will be made for admission of the
Placing Shares to trading on AIM, and is expected
to take place on 24 July 2008.
The participation of certain of the Directors in the Placing is deemed to be a related
party transaction under the AIM Rules. The
independent Directors consider, having consulted with Strand Partners Limited, the Company's
nominated adviser, that such participation in
the Placing is fair and reasonable insofar as the Company's shareholders are concerned.
Enquiries:
Bill Humphries/Richard Prickett David Bick / Mark Longson
Patagonia Gold Plc Square 1 Consulting
Tel: +44(0)20 7409 7444 Tel : +44(0)20 7929 5599
Simon Raggett / Angela Peace Alastair Stratton / Tim Graham
Strand Partners Ltd Matrix Corporate Capital LLP
Tel: +44(0)20 7409 3494 Tel : +44(0)20 7925 3234 /
+44(0)20 7925 7852
news service from the London Stock Exchange
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