RNS Number:8732S
Herencia Resources PLC
13 March 2007
13 MARCH 2007
Herencia Resources plc
("Herencia" or the "Company")
Completion of Placing
The Company announces that it has completed an institutional placing to raise
#700,000 from the issue of 56,000,000 new ordinary shares of 0.1p each ("
Ordinary Shares") at a price of 1.25p per share (the "Placing"). Application has
been made for the new Ordinary Shares to be admitted to trading on AIM and
dealings are expected to commence on 19 March 2007. Following the Placing, the
number of Ordinary Shares in issue has increased to 384,066,666.
The funds raised from the Placing will be used during 2007 to:
* Advance the work program and drilling on the Paguanta Project;
* Pursue new project development opportunities; and
* Fund general working capital requirements.
Mineral Securities Limited ("Minsec") is subscribing for 16,000,000 Ordinary
Shares under the Placing. Minsec is Herencia's major shareholder and following
completion of the Placing will hold 152,666,667 Ordinary Shares, which
represents approximately 39.75% of the issued share capital of the Company.
Commenting on the Placing Michael Bohm said "We believe the recent high grade
results achieved at Paguanta warrant a significantly expanded drill program for
2007. These funds will go toward that program, currently scheduled to commence
in June".
For more information please contact:
David Youngman, WH Ireland +44 161 832 2174
Michael Bohm, Herencia Resources plc +61 8 9221 7466
Further background details on the Company can be found at
www.herenciaresources.com
**ENDS**
This information is provided by RNS
The company news service from the London Stock Exchange
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