Paternoster Resources PLC Subscription for shares in Pires Investments plc (1617O)

TIDMPRS

RNS Number : 1617O

Paternoster Resources PLC

02 November 2016

2 November 2016

Paternoster Resources plc

("Paternoster" or the "Company")

Subscription for shares in Pires Investments plc ("Pires")

Paternoster is pleased to announce that it has subscribed for 5,000,000 new ordinary shares in Pires Investments plc, as part of the company's recent placing, at a price of 3 pence per share for an aggregate investment of GBP150,000. This will give Paternoster a shareholding in the company of 17.3% post admission of the placing shares. As part of this investment, Paternoster will also be receiving 2,500,000 warrants to subscribe for new ordinary shares in Pires at a price of 4.25p at any time up to 2 May 2018.

Pires is an investment company listed on AIM with a particular focus on the natural resources sector. As at 30 April 2016, based on the company's unaudited half year results statement, the company had net assets of GBP573,000.

Nicholas Lee, Chairman said

"This investment provides Paternoster with a significant interest in an AIM listed company with a cash balance at an attractive valuation."

For more information, please contact:

 
 Paternoster Resources plc: 
 Nicholas Lee, Chairman                       [phone] 
 Nominated Advisor and 
  Joint Broker: 
 Stockdale Securities 
 Antonio Bossi/David Coaten               [phone] 
 Joint Broker: 
 Peterhouse Corporate Finance 
 Lucy Williams                           [phone] 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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November 02, 2016 10:27 ET (14:27 GMT)