14 September 2016
Papua Mining plc
(“Papua” or “the Company”)
Posting of Circular and Notice of General Meeting
On 2 September 2016, Papua Mining plc, a UK company focused on the exploration and development of gold and copper deposits in Papua New Guinea (“PNG”), announced that it has agreed the terms of a conditional subscription by Thalassa Holdings Ltd (AIM:THAL) for 40,000,000 new ordinary shares (the “Subscription Shares”) at a price of 1 pence per share (the “Subscription”), to raise £400,000 before expenses and the conditional conversion (“Conversion”) by Michael Somerset-Leeke of £138,000 of convertible loan notes 2020, as previously announced on 4 December 2015, into 13,800,000 ordinary shares at 1p per share (the “Conversion Shares”).
The Company also announced that it was proposing to separately make an offer to all qualifying shareholders (“Qualifying Shareholders”) to enable Qualifying Shareholders to subscribe for new ordinary shares (the “Offer”) at the same time as the Conditional Subscription, through the issue of up to a further 40,000,000 new ordinary shares (the “Offer Shares”) to Qualifying Shareholders at a price of 1 pence per Offer Share, to raise up to a further £400,000.
Completion of the Subscription, the Offer and the Conversion is subject to shareholder approval which will be sought at a general meeting of the Company to be held on 7 October 2016.
A circular setting out the background to and reasons for the Subscription and the Offer and to convene the general meeting (the “Document”) was posted to shareholders on 13 September 2016 and is available on the Company’s website at the link below.
For further information on the Company please visit www.papuamining.com or contact the following:
|Papua Mining plc,Hugh McCullough, Director||+353 1 532 9535|
|Cenkos Securities plc – Nominated Adviser & Broker,Derrick Lee / Beth McKiernan|