Norseman Gold PLC Placing (1262I)

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RNS Number : 1262I

Norseman Gold PLC

20 July 2012

Norseman Gold Plc

Placing

Norseman Gold plc ("Norseman" or "Company") is pleased to announce that due to strong demand the proposed placing announced on 18 July 2012 has been increased to raise approximately A$25 million through the issue of 625,000,000 new ordinary shares of 1.25 pence each in the Company ("Ordinary Shares") to institutional investors at an issue price of 4 cents (2.65 pence) each ("Placing"). The Placing has been managed by Moelis Australia Advisory Pty Ltd and Ocean Equities Limited acting as Joint Bookrunners and Joint Lead Managers and included investors introduced by Northland Capital Partners Limited.

The funds raised from the Placing will be used for the Company's working capital requirements including the reduction of existing creditors as announced on 18 July 2012.

The Placing will be processed in two tranches. Application has been made for the first tranche of 73,830,333 Ordinary Shares, raising approximately A$3m, which is not conditional upon shareholder approval, to be admitted to trading on AIM with effect from 26 July 2012. The second tranche of 551,169,667 Ordinary Shares, raising approximately A$22 million, requires receipt of shareholder approval at a general meeting to be held on or around 23 August 2012.

Following admission of the first tranche of Ordinary Shares issued pursuant to the Placing the Company will have 566,032,556 Ordinary Shares in issue and, assuming no further issues are made, following the admission of the second tranche of Ordinary Shares issued pursuant to the Placing the Company will have 1,117,202,223 Ordinary Shares in issue.

The trading halt on ASX has been lifted with immediate effect.

For further information visit www.norsemangoldplc.com, email [e-mail] or contact:

David Steinepreis: Norseman Gold Plc. [phone]

   William Vandyk / Rod Venables: Northland Capital Partners Ltd                  020 7796 8800 

Guy Wilkes: Ocean Equities Ltd 020 7786 4370

   Susie Geliher / Hugo de Salis: St Brides Media & Finance Ltd                          020 7236 1177 

This information is provided by RNS

The company news service from the London Stock Exchange

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