Issue of Equity

RNS Number:4663T
Palmaris Capital PLC
19 December 2003




                       Palmaris Capital plc ("the Company")

                  Issue of 5,500,000 Ordinary shares of 5p each




The Company announces that it agreed at a board meeting held on 16th December
2003 to issue 5,500,000 new ordinary shares ("New Ordinary Shares") of 5p each
in the capital of the Company to Laxey Partners Limited at a price of 11.875
pence per share for a total consideration of #653,125. This represents 4.22% of
the enlarged issued share capital of the Company and is the entire shareholding
held by Laxey Partners Limited.  Application will be made for the New Ordinary
Shares to be admitted to the Alternative Investment Market of the London Stock
Exchange ("AIM") and it is anticipated that dealings will commence on 24
December 2003. The issue of the New Ordinary Shares is conditional on admission
occurring.



The Company is to use the subscription monies to fund ongoing working capital.



The Company also announces that it has sold 8,000,000 shares in Perseverance
Corporation Limited ("Perseverance") at a price of 14.35 pence per share. This
Company still holds 57,253,745 shares in Perseverance which represents 10.73% of
the issued share capital of Perseverance. This disposal has realised a sum of #
1,143,000, and these proceeds will be used to fund ongoing development and repay
shareholder loans.



For further information please contact:



Greg Melgaard, Managing Director                 020 7243 3991

Jim Richardson, Finance Director                 01236 440410

Alasdair Robinson, Noble & Company Limited       0131 225 9677


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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