25th Aug 2005 07:01
Weatherly International PLC25 August 2005 For immediate release 25 August 2005 Weatherly International plc ("Weatherly" or the "Company") PLACING OF 23.5 MILLION SHARES Weatherly announces that it has placed 23.5 million new ordinary shares of 0.5peach ("New Ordinary Shares") (representing in aggregate approximately 32 percent. of the enlarged issued share capital of the Company) at a price of 6p each(the "Placing"), conditional only upon the admission of the New Ordinary Sharesto trading on AIM ("Admission"). Application is being made to the London Stock Exchange plc for the admission ofthe New Ordinary Shares to trading on AIM. Admission is expected to becomeeffective and dealings in the New Ordinary Shares commence on or around 2September 2005. Following the Placing, the enlarged share capital of the Companywill comprise approximately 73.5 million ordinary shares of 0.5p each. The Placing will raise £1.41 million (before expenses). The net proceeds of thePlacing (being approximately £1.34 million) will allow the Company to progressthe various opportunities that it is currently evaluating, particularly inrelation to the copper mining project in Zambia currently being evaluated by thedirectors and which was announced on 28 July 2005. For further information, please contact: Peter RedmondWeatherly International plc 020 7332 2200 Allan PiperFirst City Financial Public Relations 07736 064 982 Editor's Notes Weatherly, a former financial services group was rescued through a creditorsvoluntary arrangement (CVA) which raised £250,000 in January 2004. In July 2005,there was a further cash injection of £723,500 and a change in strategy withappointments of Dr. Wolf Martinick and Rod Webster as executive directors. TheCompany is seeking to acquire, or invest, in opportunities in the naturalresources sector, particularly in Africa. Dr. Wolf Martinick, 60, is a director of Sun Resources Ltd, an oil and gasexploration company listed on the Australian Stock Exchange ("ASX"), chairman ofEzenet Limited, an ASX-listed movie distribution company, and a founder-directorof Basin Minerals Ltd, an ASX company with a world-class mineral project inVictoria, Australia. Mr Webster, 54, has over 28 years of experience in the resources industry,including more than 10 years in managing director or chief executive posts. Hismost recent positions have been as a senior executive to First Quantum Minerals("FQM"), a Canadian and AIM listed company, developing and operating coppermines in Zambia, the Democratic Republic of Congo and Mauritania. Most recently,he was in charge of the company's Mauritanian activities, but prior to this hewas the Chief Executive Officer responsible for the development of the Kansanshimine in Zambia, probably the world's most significant new copper mine to come onstream in recent times. He was also non-executive director of another majorZambian copper producer, Mopani Copper Mines Ltd, in which FQM had a majorinterest. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Weatherly International Plc