Thalassa Holdings Limited Proposed £400,000 Investment in Papua Mining plc (7550I)
02 Setembro 2016 - 3:00AM
UK Regulatory
TIDMTHAL
RNS Number : 7550I
Thalassa Holdings Limited
02 September 2016
Thalassa Holdings Ltd
(Reuters: THAL.L, Bloomberg: THAL:LN)
("Thalassa" or "the Company")
Proposed GBP400,000 investment in Papua Mining plc ("Papua")
Thalassa Holdings Ltd, a holding company currently with
subsidiaries in the Energy Services and Defence and Homeland
Security Industries is pleased to announce that it has agreed the
terms of a conditional investment of GBP400,000 for 40,000,000 new
ordinary shares of Papua at a price of 1 pence per share. The
closing mid-price of a Papua share on 1 September 2016 was 1.875
pence.
At the same time Papua is also proposing (i) to raise up to a
further GBP400,000 through an open offer to all its qualifying
shareholders to subscribe for up to a further 40,000,000 new
ordinary shares, and (ii) to convert GBP138,000 of convertible loan
notes into 13,800,000 further new ordinary shares, in each case at
a price of 1 pence per share.
The issue of all of the Papua shares referred to above is
conditional upon approval by its shareholders at a general meeting
to be convened by no later than 31 October 2016.
Assuming all of the aforementioned new ordinary shares are
issued as described, Thalassa's shareholding in Papua will
represent 22.4 per cent. of its enlarged share capital.
Papua (www.papuamining.com) is a UK incorporated company focused
on the exploration of gold and copper deposits in Papua New Guinea.
The net proceeds of the investment by Thalassa and any additional
funds received by way of the offer to its qualifying shareholders
will provide Papua with additional working capital and will enable
Papua to continue to advance operations at the Papua's Mt Visi
prospect.
Duncan Soukup, Chief Executive of Thalassa Holdings Ltd,
commented:
"In line with Thalassa's stated strategy of identifying
potential investment opportunities, I am pleased to announce this
conditional investment in Papua Mining plc. We have been monitoring
this company for a number of years and believe that this is an
opportune time to acquire a sizable position therein. We look
forward to becoming a shareholder and taking up a position of the
board, with a view to realising shareholder value in what we
perceive to be a large and exciting prospect in Papua New
Guinea."
Hugh McCullough, Director of Papua said:
"We are very pleased to welcome Thalassa as a significant
shareholder in Papua. If approved by our shareholders, Thalassa's
subscription will enable the Papua to continue to progress certain
aspects of our exciting copper porphyry project at Mt Visi in Papua
New Guinea. We look forward to Thalassa's input and support in the
future as we seek to create value for all our shareholders. To this
end, Thalassa will appoint a representative to the Board of Papua
following completion of the subscription."
This announcement contains inside information for the purposes
of Article 7 of Regulation 596/2014.
Investor Enquiries:
Thalassa Holdings Ltd
Duncan Soukup, Chairman +33 (0)6 78 63 26 89
WH Ireland Limited (Nominated Adviser and Broker)
Chris Fielding, Head of Corporate Finance +44 (0)207 220 1650
Press Enquiries:
Square1 Consulting (Public Relations)
David Bick +44 (0)207 929 5599
http://thalassaholdingsltd.com/documents/NP0316-2061_ANNUALREPORT.pdf
www.thalassaholdingsltd.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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