Issue of Equity
March 09 2005 - 1:30AM
UK Regulatory
RNS Number:4682J
Archipelago Resources PLC
09 March 2005
ANNOUNCEMENT
ISSUE OF SHARES
to
OCEAN RESOURCES CAPITAL HOLDINGS PLC
In accordance with the placing of 13,513,514 Ordinary Shares of 1p each in the
Company at a issue price of 33.3 pence per share to major shareholder Ocean
Resources Capital Holdings plc (Ocean) announced in the Company's Interim
Report, the Company has today issued 2,062,888 shares comprising the final
tranche of the placing. The Company has applied for the shares to be listed on
AIM and admission is expected on 14 March 2005. This issue will increase Ocean's
shareholding to 33,092,085 shares representing 48.03% of the issued share
capital of the Company
The funds raised by this issue will be used to replace working capital used by
the Company to complete purchase of plant and equipment from Barrick's El Tambo
Gold Project in Chile. This plant and equipment has been cleaned and packed and
subject to completion of project financing, is awaiting shipment to Indonesia
and re-erection at the Company's Toka Tindung Gold Project in Sulawesi.
Due diligence studies being undertaken for prospective project financiers of the
Company's Toka Tindung Gold Project, are near completion. The project has a
resource of 1.75M oz of gold equivalent of which at least 0.9M oz will initially
be mineable by open pit. Production is targeted at 160,000 oz per annum for an
initial 6 year mine life commencing in mid 2006.
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 Cam Thuy/Ba Thuoc joint venture with Vimico a
Vietnamese Government mining company) and the Philippines (as 100% option
holders over the Corplex tenements).
Further Info: Colin Loosemore, Managing Director, Archipelago Resources Plc.
Tel: 00-618-9364-8301
Ron Marshman/John Greenhalgh, City of London PR Limited.
Tel: 020-7628-5518
www.mining-investor.com/arch
This information is provided by RNS
The company news service from the London Stock Exchange
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