Extension of Offer for Subscription

Posted on

18 June 2014

Papua Mining plc

Extension of Offer for Subscription

Papua Mining plc (“Papua” or the “Company”), a UK company focused on the exploration for and, if commercially feasible, development of gold and copper deposits in Papua New Guinea announced on 10 June 2014 an Offer for Subscription which invited existing Shareholders to subscribe in aggregate for up to 7,500,000 Offer Units, which consist of one Ordinary Share and one Warrant, to raise up to £1.5 million before expenses. The Offer for Subscription was made as the Board of the Company felt strongly that its existing Shareholders should have the opportunity to participate at the same price as was offered to those participating in the Placing, also announced on 10 June 2014.

The latest time and date for receipt of an Application Form to participate in the Offer for Subscription was set at 23 June 2014. The Company, has, however, been made aware that some Shareholders have not received the Application Form and therefore the Board of the Company has decided to extend the period in which participation may occur until 30 June 2014. All Application Forms received by 11:00 a.m. on 30 June will therefore be applicable for participation in the Offer for Subscription on the same terms as set out in the announcement of the Offer for Subscription and the Circular, which were both published on 10 June 2014.

The Placing, also announced on 10 June 2014, which conditionally raised £2.5 million before expenses through the issue of 12,500,000 Placing Units at a price of £0.20 per Placing Unit is unaffected by the extension to the Offer for Subscription.

The General Meeting to approve the Placing and the Offer for Subscription will still be held on 26 June 2014. Admission to trading of the 12,500,000 Placing Shares, which will rank pari passu with the existing Ordinary Shares in issue, is still expected to become effective at 8:00 a.m. on 27 June 2014. Admission to trading of up to 7,500,000 Offer Shares, which will also rank pari passu with the existing Ordinary Shares in issue, which was previously expected to occur on 30 June 2014, is now expected to become effective at 8:00 a.m. on 7 July 2014.

Enquiries:

Papua Mining plc

Hugh McCullough, Chief Executive Officer

 

+353 1 532 9535

Cenkos Securities – Nominated Adviser & Broker

Beth McKiernan/Alan Stewart

 

 

+44 131 220 6939

Square1 Consulting – Financial Public Relations

David Bick/Mark Longson

 

 

+44 207 929 5599