Result of Equity Issue

RNS Number:8548J
Finelot PLC
10 April 2003

                    Finelot plc ("Finelot" or the "Company")

                              Result of Open Offer


On 19 March 2003 Finelot announced, inter alia, a Placing and Open Offer of
124,559,285 New Ordinary Shares of 0.1p each at an Issue Price of 1p each.

The Open Offer was made to Qualifying Shareholders on the basis of 5 New
Ordinary Shares for every 1 Ordinary Share held at the close of business on 17
March 2003.

The Company announces that the Open Offer closed at 3.00pm on 9 April 2003 and
that valid acceptances have been received for 34,621,775 Open Offer shares,
representing 27.8 per cent. of the shares available under the Open Offer.

The balance of 89,937,510 New Ordinary Shares not taken up under the Open Offer
will be placed firm with subscribers procured by Williams de Broe Plc, the
Company's nominated adviser and broker.

The Company received irrevocable undertakings from two of its directors to take
up Open Offer Shares. Accordingly, Stephen Dattels, who currently has a
beneficial interest in 3,000,000 Ordinary Shares, has taken up 5,000,000 Open
Offer Shares. Robert Alford, who currently has a beneficial interest in 125,000
Ordinary Shares, has taken up all of his entitlement of 625,000 Open Offer
Shares.

The Open Offer remains conditional upon resolutions being passed at an
extraordinary general meeting ("EGM") of the Company to be held on 11 April 2003
and upon admission of the New Ordinary Shares to trading on AIM. Such admission
is expected to take place on 14 April 2003.

Shareholders should note that, assuming all resolutions are passed at the EGM,
the Company's name will change to Caledon Resources Plc. The New Ordinary Shares
of 0.1p are expected to commence trading under the mnemonic CDN from 8.00am on
14 April 2003.

Terms defined in this announcement bear the same meaning as in the prospectus
published on 19 March 2003.


Enquiries:

Stephen Dattels                        Finelot plc - tel: [phone]

Clive Carver/Alastair Stratton/
Rose Herbert                           Williams de Broe Plc - tel: [phone]


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