13th Mar 2007 15:15
Herencia Resources PLC13 March 2007 13 MARCH 2007 Herencia Resources plc ("Herencia" or the "Company") Completion of Placing The Company announces that it has completed an institutional placing to raise£700,000 from the issue of 56,000,000 new ordinary shares of 0.1p each ("Ordinary Shares") at a price of 1.25p per share (the "Placing"). Application hasbeen made for the new Ordinary Shares to be admitted to trading on AIM anddealings are expected to commence on 19 March 2007. Following the Placing, thenumber of Ordinary Shares in issue has increased to 384,066,666. The funds raised from the Placing will be used during 2007 to: • Advance the work program and drilling on the Paguanta Project; • Pursue new project development opportunities; and • Fund general working capital requirements. Mineral Securities Limited ("Minsec") is subscribing for 16,000,000 OrdinaryShares under the Placing. Minsec is Herencia's major shareholder and followingcompletion of the Placing will hold 152,666,667 Ordinary Shares, whichrepresents approximately 39.75% of the issued share capital of the Company. Commenting on the Placing Michael Bohm said "We believe the recent high graderesults achieved at Paguanta warrant a significantly expanded drill program for2007. These funds will go toward that program, currently scheduled to commencein June". For more information please contact: David Youngman, WH Ireland +44 161 832 2174 Michael 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