SBA -1x Boeing

RNS Number:8475S
Shalibane PLC
20 October 2000


Shalibane Plc (" the Company") announces that it has raised #482,358.09
through a cash placing of 1,504,001 new ordinary shares at 8.5 pence per share
("the Placing Shares") and the issue of unsecured loan stock amounting to
#354,518.  The proceeds of the loan and the placing will be used to provide
additional working capital.

Of the 1,504,001 new ordinary shares, 705,953 shares have been placed with the
directors and a senior employee.  The balance has been placed with certain
existing shareholders.

The unsecured loan stock of #354,518 is repayable at par at the Company's
discretion no later than 31 December 2005 and bears interest at 12% per annum.
The loan stock has been issued to certain shareholders of the Company and to
Millennium Industries Inc.

While Millennium Industries Inc is not itself a shareholder in the Company
Millennium's own shareholders will, following the placing, hold shares
representing 29.2% of the Shalibane's voting share capital.  Millennium
shareholders include Gary Volmar and Gus Ploss who are both directors of
Shalibane.

Due to their connection with Millennium Industries Inc, Mr Volmar and Mr Ploss
are deemed to be interested in the loan stock arrangement.  Therefore, in
accordance with the AIM Rules of the London Stock Exchange plc, the
transaction has been considered by the independent directors of the company,
being the directors other than Mr Volmar and Mr Ploss.  In the opinion of the
independent directors, who have consulted with the company's nominated advisor
Rowan Dartington, the terms of the transaction are fair and reasonable so far
as the shareholders of the company are concerned.

Application has been made for the Placing Shares to be admitted to AIM.  It is
expected that dealings in the Placing Shares will commence on Monday 23
October 2000.

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