Exercise of warrants and private placing to raise £2.9m
07/08/2006
Regulatory Announcement
Angus & Ross plc ('the Company') announces that 1,205,222 warrants, representing 32.34% of the total of 3,726,600 warrants issued in March 2006 to the former minority shareholders of Black Angel Mining Limited ('BAM') have now been exercised.
Each warrant entitles the holder to subscribe for four new ordinary shares of 1p in the Company at a price of 20p each. The 4,820,888 new ordinary shares issued as a result of the exercise of the above warrants are restricted from trading for three months from today's date.
In addition, the Company announces that it has today also placed 10,085,512 new ordinary shares of 1p with institutional shareholders. The new ordinary shares were issued at a price of 20p per share and will also be restricted from trading for a period of three months from the date of issue. The shares placed represent the balance of the maximum number of shares that could have been issued had all the above warrants been exercised. Application will be made today for all the new shares to be admitted to trading on AIM.
The Company recently announced preliminary drilling results (dated 1 August 2006) from its Greenland zinc project in the area around the former Black Angel mine. Since the 2006 season's exploration programme is currently well ahead of schedule, with more than 6,500 metres of the planned 7,000 metres already drilled, the Company has decided to take advantage of the continuing favourable conditions and the efficiency of the drilling crews to extend this programme. As a result, the new funds will enable the Company to undertake additional exploration which is planned to be completed before the end of the current field season. Much of this will be focussed around both the South Glacier and Ark Showings, where initial drilling has indicated bands of mineralisation.
(The exploration programme is run by Black Angel Mining
Ltd, a wholly owned subsidiary
of
Angus & Ross plc headed by CEO Andrew Zemek.)
- Ends -
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Angus & Ross
plc
Robin Andrews, Chairman +44-1751 430 988
Paul Williams, Finance Director +44 1606 855022
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