Issue of Equity
December 29 2004 - 5:47AM
UK Regulatory
RNS Number:8720G
Archipelago Resources PLC
29 December 2004
ANNOUNCEMENT
PLACEMENT
of
6,666,700 SHARES
at
30p/SHARE
to
RAISE #2.0M
Archipelago Resources plc is pleased to announce that it has placed 6,666,700
Ordinary Shares of 1p each in the capital of the Company ("Ordinary Shares") at
an issue price of 30 pence per share to the value of GBP2M. These shares will
rank pari passu with current issued shares in the Company. The shares have been
placed with private and institutional investors and will be issued in two
tranches, the first of which will occur prior to 31 December 2004. Following
issue the Company will apply for the shares to be listed on AIM. Placing
commissions are payable to parties unrelated to the directors amounting to 5% of
the value of shares placed by those parties.
The funds raised will be used as working capital by the Company, including the
purchase of additional plant and equipment from Barrick's El Tambo Project in
Chile (Phase II purchase) as previously announced by the Company on the 22
November 2004.
The Company is currently completing due diligence studies as a necessary
pre-requisite for project financing of its Toka Tindung Gold Project in
Sulawesi. 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. The project is targeted
to produce at least 160,000 oz per annum for an initial 6 year mine life
commencing in early 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).
www.mining-investor.com/arch
This information is provided by RNS
The company news service from the London Stock Exchange
END
IOEFKLFLZLBZFBE
Archipelago Resources (LSE:AR.)
Historical Stock Chart
From Jun 2024 to Jul 2024
Archipelago Resources (LSE:AR.)
Historical Stock Chart
From Jul 2023 to Jul 2024
Real-Time news about Archipelago Res (London Stock Exchange): 0 recent articles
More Archipelago Resource News Articles