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Name | Symbol | Market | Type |
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Hsbc Bk. 25 | LSE:50NT | London | Medium Term Loan |
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RNS Number:4377X Hereward Ventures PLC 19 June 2002 19 June 2002 Hereward Ventures plc Share subscription by Gold Fields Limited and Joint Venture Agreement Proposal Hereward Ventures plc ("Hereward" or "the Company") announces the issue of 4,921,018 new ordinary shares of 1p each in Hereward at a subscription price of 7p to Orogen Holding ( BVI ) Limited ("Orogen") , a wholly owned subsidiary of Gold Fields Limited ("Gold Fields"), pursuant to a Subscription Agreement entered into on 18 June 2002 ("the Completion Date") between the Company and Orogen. This issue has raised approximately £350,000 for the Company of which 80% will be used to fund exploration expenditures covered by the Rosino and Gornoseltsi Permit areas in Bulgaria. The balance will be available for working capital purposes. Following this issue Orogen will hold 6.05% of the enlarged share capital of the Company. The Subscription Agreement also includes the grant to Orogen of the sole and exclusive right to establish a Joint Venture with a member of the Hereward Group in relation to the funding and development of the Bulgarian Permit areas ("Joint Venture properties") for a period of four months from the Completion Date. The Joint Venture properties consist of the Rosino, Gornoseltsi and Dikanyite Permits. Under the terms of the Joint Venture agreement Orogen can earn a 51% interest in the Joint Venture properties, and in subsequent new areas applied for by Hereward by incurring US$ 2,500,000 on exploration expenditure over a three year period. In addition Orogen can earn a further 19% interest by the expenditure of US$10 million in completing one bankable feasibility study in respect of the Joint Venture properties. Gold Fields is one of the world's largest unhedged gold producers with operating mines in South Africa, Ghana and Australia. Attributable gold production is approximately 4.5 million ounces per year, with reserves in excess of 150 million ounces. Gold Fields is listed on the Johannesburg (GFI), New York (GFI), London, Paris and Swiss stock exchanges. The directors of Hereward are delighted with the confidence shown by Gold Fields in the Company's Bulgarian operations and management. For more information please contact: David Bramhill Leesa Peters / Cindy Dennis Hereward Ventures plc Capital PR + 44 (0) 117 957 3666 + 44 (0) 20 7618 7889 + 44 (0) 780 154 0358 + 44 (0) 781 215 9885 Laurie Beevers/ David Youngman John Robertson / Robert Lo W. H. Ireland Limited Nabarro Wells & Co. Limited + 44 (0) 161 832 2174 + 44 (0) 20 7710 7400 This information is provided by RNS The company news service from the London Stock Exchange
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