Mining Investments Resources PLC Issue of Equity and Directorate Change (0230F)

TIDMMIR

RNS Number : 0230F

Mining Investments Resources PLC

17 May 2013

Mining Investment Resources Plc

("MIR" or the "Company")

Issue of Equity and Board Changes

PLACING

The Company is pleased to announce that it has successfully completed a placing of 50,000,000 new ordinary shares ("Placing Shares") at a placing price of 1p each. 35,000,000 of the Placing Shares are being subscribed for cash raising GBP350,000 before expenses with 15,000,000 being subscribed for by Pavel Kepezhinskas, a director designate of the Company, to be satisfied by the transfer of 1,666,667 shares in Amur Minerals Corporation to the Company. The placing was undertaken by Daniel Stewart & Company and Peterhouse Corporate Finance.

The issue of Placing Shares to director designate Pavel Kepezhinskas is deemed a related party transaction under the AIM Rules for Companies. The independent director (being Stephen Roberts for the purposes of this transaction), having consulted with Northland Capital Partners Limited, the Company's Nominated Adviser, considers the terms of transaction are fair and reasonable insofar as shareholders of the Company are concerned.

The funds raised by the Company will be used for its on-going due diligence in respect of two potential investments in Russia, namely the Primorsky silver project and the Khabarovsk gold exploration project, both as outlined in previous announcements.

The Placing Shares represent approximately 39.0 per cent. of the enlarged issued share capital and will rank parri passu with the existing ordinary shares. Application will be made for the Placing Sharers to be admitted to trading on AIM, which is expected to occur at 8.00 a.m. on 31 May 2013. Following admission, the Company's issued share capital will be 128,281,120 ordinary shares with each share carrying the right to one vote. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

BOARD CHANGES

The Company is also pleased to announce the appointment of Stephen Lay as a non executive director of the Company. Stephen is a Mining Engineer with over 30 years experience, including gold and diamond projects across Russia from exploration through to exploitation: including Celtic Resources and Archangel Diamond.

The appointment of Pavel Kepezhinskas as an executive director expected to be completed in the next few weeks pending completion of applicable paperwork. The Company is also in advanced discussions with another potential non-executive director. Further announcements in respect of these appointments will be made as and when appropriate.

Further information on Stephen Lay

Stephen Lay, aged 57, has been within the past five years, a director of the following companies;

Past directorships

Layco limited

Kopane Diamond Developments plc

Liqhobong Mining Development Company (pty) Ltd

Mr. Lay confirms that there is no further information to be disclosed in accordance with the requirements of Schedule Two (g) of the AIM Rules.

Contact Details

 
                        Mining Investments Resources 
Michael Nosworthy        plc                           [phone] 
 
                        Mining Investments Resources 
Steve Roberts            plc                             07812043436 
 
 
                        Northland Capital Partners 
Luke Cairns / Matthew    Limited 
 Johnson                 (Nomad and Joint Broker)      020 7796 8800 
 
                        Peterhouse Corporate Finance 
John Levinson/           Limited 
 Lucy Williams           (Joint Broker)                020 7469 0930 
 
Jonathan Anderson       Investor Relations               07950410680 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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