18th Apr 2006 07:01
Peter Hambro Mining PLC18 April 2006 18 April 2006 US$17.4m exercise of IFC option in Peter Hambro Mining Peter Hambro Mining ("PHM") is pleased to announce that the InternationalFinance Corporation ("IFC"), the private sector arm of the World Bank Group, isinvesting a further US$17.4m by exercising to the full extent their option tosubscribe for ordinary shares in PHM. As was announced on 5 April 2005, the IFCsubscribed for 1,448,545 new PHM shares at that time and was granted the optionto subsequently apply for up to a matching amount of additional new shares. The initial IFC investment of US$15m in April 2005 was completed at a price ofUK£5.50 per PHM share and the option to subscribe for additional PHM shares wasgranted with an exercise price at a 25% premium to this. The full exercise ofthe option results in the issue of 1,448,545 additional new PHM shares to theIFC. The IFC is a substantial provider of project and private sector finance in thedeveloping world, with a significant involvement in Russia across all sectors,including gold mining. The exercise of the option follows a furtherenvironmental and investment review of PHM by the IFC and approval of theinvestment by Board of the IFC. Peter Hambro, Executive Chairman, said: - "I am delighted that the IFC is investing in PHM again just over a year aftertheir original investment. The investment follows a further review of PHM by theIFC's investment and environmental teams and their further investment is astrong endorsement of our corporate strategy and operational organisation. PHM has embarked upon a large expansion programme and it is of great comfort tobe doing so with the support of the World Bank Group. We continue to talk withthe IFC and a number of other project finance banks with regard to debtfinancing the development costs. I believe that IFC's investment is a great voteof confidence in the strength of the projects." Christopher Goss, Principal Investment Officer, the International FinanceCorporation, said: - "IFC is very pleased to be increasing its shareholding in PHM. We are excited bytheir mine development plans and hope to be able to expand our support to PHM inimplementing them to high environmental and social standards." Enquiries: Alya Samokhvalova / Marianna Adams +44 (0) 20 7201 8900Investor Relations, Peter Hambro Mining Tom Randell / Maria Suleymanova +44 (0) 20 7653 6620Merlin This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
POG.L