Black Angel – Conclusion of acquisition
of minority stake and issue of equity
03/03/2006
Press Release
Angus & Ross PLC (the “Company”), the AIM listed
mining company with advanced exploration zinc assets in Greenland,
is pleased to announce that it has today concluded the acquisition
of the remaining 16% of Black Angel Mining
Limited (“BAM”)
in respect of its offer to acquire the minority stake in BAM as
announced on 7 February 2006.
The acquisition has been satisfied
by the issue of 14,906,400 new ordinary shares of 1p each in the
Company (“New Ordinary
Shares”) in a four for five share swap. BAM minority shareholders
also receive a warrant to subscribe for 4 New Ordinary Shares for
every 5 BAM shares held at 20p each exercisable during the period
of 6 months from 3rd February 2006. The New Ordinary Shares issued
under the offer and pursuant to the exercise of the warrants are
subject to a nine-month lock-in commencing 1 March 2006.
In addition,
the Company has acquired a further 375,000 ordinary shares in 51%
owned subsidiary Queensland Gold and Minerals
Limited (“QGM”);
the consideration for this acquisition consists of the issue of
a further 150,000 New Ordinary Shares, and takes the Company’s
resultant holding in QGM up to 52.5%.
A further 215,000 New Ordinary Shares have been issued to an
intermediary in lieu of broker commission for the BAM private placement
announced on 6 July 2005 and to a third party for a project introduction.
Application will be made for 15,271,400 New Ordinary Shares
to be admitted to trading on AIM. The New Ordinary Shares will
rank pari passu with the existing ordinary shares of 1p in the
Company and trading of these shares on AIM is expected to commence
on or around 9 March 2006.
The total number of ordinary shares in the Company in issue
following this issue is 90,220,803.
Angus & Ross
plc
Robin Andrews (Chairman) 01751 430 988
Paul
Williams (Finance Director) 01606 855 022
Financial
Dynamics,
Billy Clegg, Edward Westropp, 020
7831 3113
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