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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Archipelago Res | LSE:AR. | London | Ordinary Share | GB0033551721 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 57.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:2838E Archipelago Resources PLC 24 September 2007 ANNOUNCEMENT ARCHIPELAGO RESOURCES PLC ISSUE OF SHARES and EXTENSION OF RMB LOAN FACILITY Archipelago Resources plc ("the Company") is pleased to announce that it has placed 22,000,000 Ordinary Shares of 1p each in the capital of the Company at an issue price of 25 pence per share to raise #5,500,000 for the Company. These shares have been issued to institutions and high net worth individuals and collectively are referred to as the Placement Shares. The placing has been made under authority granted by shareholders at an Extraordinary General Meeting held on 15th June 2007. A capital raising, including the use of US$2m of the funds raised to reduce the US$10m Rand Merchant Bank (RMB) loan facility put in place in March of this year, was a condition of RMB agreeing to extend the repayment date of the US$8m balance of the facility from 24th September 2007 to 31st January 2008. The remainder of the proceeds are to be used for general working capital purposes. Another condition of extending the repayment date of the RMB loan facility is the issue of 5m options to RMB' exercisable within 3 years from the date of issue at a price determined by the terms of the extension agreement but considered likely to be close to, but not greater than, 30 pence per share. Following settlement, allotment and registration, Placement Shares will be admitted to AIM. Following the issue of the Placement Shares the Company will have 171,759,334 Ordinary Shares of 1p each in issue, each carrying one voting right. The Company's focus remains on obtaining environmental approval for; and recommencement of construction at, the Toka Tindung Gold Project. While the Company would have preferred to have had its approval in place prior to this capital raising, the requirement to raise capital before 24th September precluded this preference. While the delay to environmental approval is very frustrating given the Company's full compliance with due process and increasing expectation of a favourable outcome, the delay has resulted in the Company remaining unhedged and fully exposed to the gold price until at least January 2008. The Company is targeting gold production of 160,000 ozs/annum gold equivalent for at least 6 years commencing mid-year 2008. Archipelago is a mining company listed on the AIM market of the London Stock Exchange. The Company's principal activities are gold mining and exploration in Indonesia (as 85% owner of the Toka Tindung Gold Project in Sulawesi), Vietnam (as majority party in the Pac Lang and Cam Thuy/Ba Thuoc joint ventures with VINACOMIN a Vietnamese Government mining company) and the Philippines (as option holder over a 100% interest in the Corplex tenements). Further Info: Colin Loosemore, Managing Director, Archipelago Resources Plc. Tel: 00-618-9364-8301 Richard Chase, Ambrian Partners Ltd Tel: 020-7776-6461 Ron Marshman / John Greenhalgh, City of London PR Limited Tel: 020-7628-5518 Gerry Beaney / Fiona Kindness, Grant Thornton Corporate Finance Tel: 020 7383 5100 www.archipelagoresources.com.au This information is provided by RNS The company news service from the London Stock Exchange END IOEEADNFAFAXEFE
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