24th Apr 2008 07:00
Minco PLC24 April 2008 MINCO PLC ORCA MINERALS CLOSES ADDITIONAL C$3.63 MILLION FINANCING FOR MEXICAN PROJECTS London, 24 April, 2008 - Minco plc (MIO), the London AIM quoted precious andbase metals exploration and development company is pleased to report that OrcaMinerals Limited ("Orca"), its Canadian subsidiary, has completed a further$3.63 million (Canadian) financing through the placement of 7,264,000 SpecialWarrants with Pacific Road Resource Funds ("PRRF") and others at a price of$0.50 (Canadian) per Unit. This financing is in addition to the previouslyannounced brokered placement of $3.05 million (Canadian) announced on April 1,2008. Since September 2007, Orca has raised $8.81 million (Canadian) through theissuance of 17,612,030 Special Warrant Units, all at a price of $0.50(Canadian). The net proceeds of the Offering are to be used primarily to furtherthe exploration and development of Orca's Mexican mineral projects. Orca is progressing with the completion of a proposed merger with AntamenaCapital Corp., and the subsequent trading of its shares on the TSX VentureExchange, such transaction to be completed on or about June 30, 2008. Uponconversion of the Special Warrants to Common Shares of Orca, Minco's ownershipin Orca will be approximately 60.2%. Special Warrants Each Special Warrant entitles the holder to receive, upon the exercise or deemedexercise thereof without payment of any further consideration, one unit ofsecurities of Orca (a "Unit"). Each Unit is comprised of one common share ofOrca (a "Common Share") and one-half of one common share purchase warrant (a "Warrant") exercisable as follows: (i) to the extent such whole Warrant isexercised during the first 12 month period from the Liquidity Event, it willentitle the holder to acquire one common share in the capital of the Company at$0.75 (Canadian) per Common Share, and (ii) to the extent such full Warrant isexercised after the end of the first 12 month period from the Liquidity Eventand on or before the end of the second 12 month period from the Liquidity Event,one Common Share at $1.00 (Canadian) per share. Chairman's Comment Commenting on the announcement, Roger Turner, Executive Chairman said: "We arevery pleased that the Pacific Road Resource Funds have made a furthersubstantial investment in Orca thereby ensuring that the Company is wellfinanced to progress its exploration and development plans in Zacatecas, Mexico." About Minco: Minco PLC is an AIM quoted precious and base metals exploration and developmentcompany with silver projects in Mexico and zinc exploration in Ireland. For further information, www.minco.ie or contact: Roger Turner: Executive Chairman & CEO +44 (0)20 7397 8155Terence McKillen: Director of Exploration & Business Development +1 416 362 6686Danesh Varma, CFO & Company Secretary +44 (0)20 7397 8154John Frain / Fergal Meegan: (NOMAD) Davy + 353 (0)1 6796363Tom McCormack (Ireland PR) ConneXions +353 (0)1 230 3015 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Minco PLC