AR. Archipelago Res

 

TIDMAR. 
 
RNS Number : 1140X 
Archipelago Resources PLC 
10 August 2009 
 

ANNOUNCEMENT 
 
 
 
 
ARCHIPELAGO RESOURCES PLC 
 
 
 
 
PURCHASE of SHARES and OPTIONS 
 
 
by 
 
 
PT RAJAWALI CORPORA 
 
 
from 
 
 
BAKER STEEL FUNDS 
 
 
and 
 
 
EXERCISE of OPTIONS by RAJAWALI 
 
 
 
 
 
 
Archipelago Resources Plc ("Archipelago" or "the Company") is pleased to 
announce that on 7th August 2009 prominent Indonesian company PT Rajawali 
Corpora ("Rajawali"), an existing shareholder, agreed to purchase 85,000,000 
share options ("Options") and 26,505,800 shares ("Shares") in the Company from 
Baker Steel Funds ("Baker Steel"). Furthermore Rajawali has advised the Company 
that it has elected to exercise all of the Options purchased at the exercise 
price of 12 pence per share and accordingly the Company which was already debt 
free and had working capital of GBP1.9 million will now receive an additional 
GBP10.2 million. 
 
 
Following exercise of the Options the Company will have 391,019,334 shares in 
issue of which Rajawali will hold 117,305,800 and Baker Steel will hold 
97,466,867 representing 30% and 24.9% respectively of the issued capital of the 
Company, with a further 8 beneficial shareholders with holdings of greater than 
2% holding in aggregate an additional 29.7%. The purchase and exercise of the 
Options and purchase of the Shares will result in an investment by Rajawali of 
GBP16.7 million, with the GBP 10.2 million noted above going directly to the 
Company and the remainder going to Baker Steel. 
 
 
The Board is very supportive of this major investment in the Company by a strong 
and respected local company. Board representation is proposed and Rajawali will 
be entitled to participate in any future issues of new shares by the Company to 
the extent of its pro rata interest. 
 
 
The Company is confident that with the support of Rajawali it will secure 
regional support for the development of the Company's flagship Toka Tindung Gold 
Project ("Project") in North Sulawesi, secure appropriate project financing and 
re-commence construction. Rajawali has made clear its intention that the Project 
be brought into production as a matter of priority. The Company understands that 
Rajawali will also be supportive of the Company acquiring additional gold 
project assets in due course. 
 
 
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 Pac Lang and Cam Thuy/Ba Thuoc joint ventures with 
VINACOMIN a Vietnamese Government mining company) and the Philippines (as option 
holder over a 100% interest in the Corplex tenements). 
 
 
 
 
Further Info:    Colin Loosemore, Managing Director, Archipelago Resources Plc. 
    Tel:    00-618-9364-8301 
 
    Richard Chase, Ambrian Partners Ltd 
    Tel:    020-7776-6461 
 
    Ron Marshman / John Greenhalgh, Lothbury Financial 
    Tel:    020-7011-9411 
 
    Gerry Beaney / Fiona Kindness, Grant Thornton UK LLP 
    Tel:     020 7383 5100 
 
www.archipelagoresources.com.au 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCPRMITMMAMBLL 
 

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