1st Nov 2007 15:05
Herencia Resources PLC01 November 2007 For immediate release 1 NOVEMBER 2007 Herencia Resources plc ("Herencia" or the "Company") Completion of Placing Company fully funded for 2008 work program The Company announces that it has completed an institutional placing to raise£2.6million from the issue of 173,333,333 new ordinary shares of 0.1p each ("Ordinary Shares") at a price of 1.5p per share (the "Placing"). Application has been made for the new Ordinary Shares to be admitted to trading on AIM anddealings are expected to commence on 7 November 2007. Following the Placing, thenumber of Ordinary Shares in issue will increase to 607,399,999. The funds raised from the Placing will be used during 2008 to: • Advance the program at the Company's flagship Paguanta Project in northern Chile, with works to include; • a detailed geophysical program • 10,000m of RC and Diamond drilling • resource evaluation work • preliminary metallurgical test work • a Scoping Study investigating the potential for an open pit mining project • Advance the Company's La Serena porphyry copper properties; • Pursue new project development opportunities in Chile and Latin America; and • Fund general working capital requirements. Mineral Securities Limited ("Minsec") is subscribing for 79,733,333 OrdinaryShares pursuant to the Placing. Minsec is Herencia's major shareholder andfollowing completion of the Placing will hold 279,400,000 Ordinary Shares, whichrepresents approximately 46% of the issued share capital of the Company. Commenting on the Placing, Executive Director Michael Bohm stated "We are verypleased with the continued support for our plans to advance the Paguantazinc-silver-lead project. The Company is now fully funded to undertake all theworks currently planned for 2008". For more information please contact: David Youngman, WH Ireland +44 161 832 2174Michael Bohm, Herencia Resources plc +61 8 9221 7466 Further background details on the Company can be found atwww.herenciaresources.com **ENDS** This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Herencia Resources