16/03/2012 The London Stock Exchange welcomes Papua Mining to AIM
Papua Mining holds mineral exploration licences in Papua New Guinea. The Group’s strategy is to explore for and, where the Directors believe it is commercially feasible, develop deposits of gold and/or copper. Through geological, geochemical and geophysical exploration programmes carried out to date, the Group has delineated several anomalous zones, the first of which will be the subject of drilling programmes later in 2012. Two of the Group’s licences surround three areas currently being explored by Coppermoly and Barrick, the World’s largest gold producer.
At admission to trading on AIM, Papua Mining raised £7 million by way of a placing of 15,938,167 ordinary shares of 10p each at £0.44 per ordinary share. The market capitalisation of the Company at the placing price was £14 million. The net proceeds of the Placing will be used to fund an exploration programme including up to 12,000 metres of drilling over the next two years.
Hugh McCullough, CEO, commented:
“We have assembled a very senior and experienced team to carry out exploration programmes in one of the most prospective gold and copper territories in the world. There remain parts of Papua New Guinea which are underexplored, including the areas covered by the licences we hold and have applied for.
“We are very pleased with the investor support we have received and to have joined AIM.”
Advisers to Papua Mining plc:
NOMAD and Broker: Cenkos Securities plc
Solicitors to the Company: Fasken Martineau
Reporting Accountants: Baker Tilly
Solicitors to the Placing: Memery Crystal
Financial PR: Square1 Consulting Limited