Brazilian Subsidiary Raises £825,000
in a Pre-IPO Private Placement
21/08/2007
Angus & Ross plc ('A&R' or 'the Company'), the
AIM quoted mining exploration company with interests in Greenland,
Brazil and Australia, is pleased to announce that its Brazilian
subsidiary St. Andrews Mining Limited ('St. Andrews') has raised
a total of £825,000 in a pre IPO round of equity financing
via a Private Placing.
11 million shares were sold at 7.5p each
including 3.34 million subscribed for by A&R. As a result outside
shareholders including local management now own 19% of
St. Andrews, with A&R owning the balance of 81%.
At the placing price, St. Andrews is capitalised at £5
million.
St. Andrews continues
to focus on proving up gold resources in the Matto Grosso area
of central Brazil and the monies raised will be used to fund exploration
taking place at the company's various projects in Brazil, particularly
Santa Débora - where a comprehensive programme of trenching,
and drilling is taking place to establish a JORC standard gold
resource on a small section of the company's exploration licences
in the Salinas - Praia Grande gold trend.
Canadian consultants,
Wardrop Engineering Inc., will be supervising local consultants
Multigeo Mineração and St. Andrews' management in
order to achieve JORC standard resources at both Santa
Débora and the smaller but higher grade Santa
Elena project. A further
Private Placing is likely to be made subsequent to Multigeo's report,
reflecting an updated valuation of the company. The Board of St.
Andrews is planning for an initial public offering in early 2008
in order to finance development of Santa Débora and other
projects.
In Greenland exploration drilling continues
and the first two batches of assay results have been received.
These are being correlated with the drill logs and a full report
and interpretation of the progress to date is being prepared for
release as soon as possible.
Angus & Ross
plc
Robin Andrews (Chairman) 01751 430 988
Paul
Williams (Finance Director) 01606 855 022
Bishopsgate Communications
Nick
Rome 020 7562 3366
Landsbanki Securities (UK)
Fred
Walsh 020 7426 9000
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