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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 |
TIDMAR. RNS Number : 1140X Archipelago Resources PLC 10 August 2009 ANNOUNCEMENT ARCHIPELAGO RESOURCES PLC PURCHASE of SHARES and OPTIONS by PT RAJAWALI CORPORA from BAKER STEEL FUNDS and EXERCISE of OPTIONS by RAJAWALI Archipelago Resources Plc ("Archipelago" or "the Company") is pleased to announce that on 7th August 2009 prominent Indonesian company PT Rajawali Corpora ("Rajawali"), an existing shareholder, agreed to purchase 85,000,000 share options ("Options") and 26,505,800 shares ("Shares") in the Company from Baker Steel Funds ("Baker Steel"). Furthermore Rajawali has advised the Company that it has elected to exercise all of the Options purchased at the exercise price of 12 pence per share and accordingly the Company which was already debt free and had working capital of GBP1.9 million will now receive an additional GBP10.2 million. Following exercise of the Options the Company will have 391,019,334 shares in issue of which Rajawali will hold 117,305,800 and Baker Steel will hold 97,466,867 representing 30% and 24.9% respectively of the issued capital of the Company, with a further 8 beneficial shareholders with holdings of greater than 2% holding in aggregate an additional 29.7%. The purchase and exercise of the Options and purchase of the Shares will result in an investment by Rajawali of GBP16.7 million, with the GBP 10.2 million noted above going directly to the Company and the remainder going to Baker Steel. The Board is very supportive of this major investment in the Company by a strong and respected local company. Board representation is proposed and Rajawali will be entitled to participate in any future issues of new shares by the Company to the extent of its pro rata interest. The Company is confident that with the support of Rajawali it will secure regional support for the development of the Company's flagship Toka Tindung Gold Project ("Project") in North Sulawesi, secure appropriate project financing and re-commence construction. Rajawali has made clear its intention that the Project be brought into production as a matter of priority. The Company understands that Rajawali will also be supportive of the Company acquiring additional gold project assets in due course. 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, Lothbury Financial Tel: 020-7011-9411 Gerry Beaney / Fiona Kindness, Grant Thornton UK LLP Tel: 020 7383 5100 www.archipelagoresources.com.au This information is provided by RNS The company news service from the London Stock Exchange END MSCPRMITMMAMBLL
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