Papua Mining plc
(“Papua” or “the Company”)
Conditional Subscription by Director
Further to the announcement released earlier today regarding, inter alia, the proposed acquisition of BGM Investments Pty Ltd and a conditional placing to raise up to £2.0 million (the “Conditional Placing and Acquisition Announcement”), Papua Mining plc, a UK company focused on the exploration of gold and copper deposits in Papua New Guinea, is pleased to confirm that Michael Somerset-Leeke, a director of the Company, has confirmed his conditional subscription to acquire 13,000,000 new Ordinary Shares at a price of 1.15p per share (the “Conditional Subscription”) to raise £149,500 for the Company.
Accordingly, the total amount raised by way of the conditional Placing is £2.0 million (before expenses), through the issue of 133,913,044 New Placing Shares at £0.0115 per New Placing Share.
As Michael Somerset-Leeke is a director and substantial shareholder in the Company his participation constitutes a related party transaction under Rule 13 of the AIM Rules. The Directors (other than Michael Somerset-Leeke) consider that, having consulted with the Company’s nominated adviser, the Conditional Subscription is fair and reasonable in so far as Shareholders are concerned.
The Placing is conditional, amongst other things, on the passing of certain resolutions to be proposed at a General Meeting of the Company and Admission of the New Placing Shares to trading on AIM.
Further details of the Company’s proposals are set out in the Conditional Placing and Acquisition Announcement. Capitalised terms in this announcement have the same meaning given to them as defined in the Conditional Placing and Acquisition Announcement unless the context otherwise requires.
For further information on the Company please visit www.rockfireresources.com or contact:
|Papua Mining plc|
|Hugh McCullough, Director||+353 1 532 9535|
|Cenkos Securities plc – Nominated Adviser and Broker|
|Derrick Lee/Beth McKiernan||+44 131 220 6939|