Patagonia Gold Regulatory News (PGD)

17 Jan 2006 12:52

Patagonia Gold PLC17 January 2006 Patagonia Gold Plc Placing to raise £2.5 million Patagonia Gold Plc ("Patagonia Gold" or the "Company"), the South Americanmining explorer, today announces that it has placed 15,625,000 new ordinaryshares of 1p each in the Company ("Placing Shares") at a placing price of 16pper share (the "Placing") to finance working capital and explorationexpenditure. Placing Shares to the value of £1,125,000, representing 45% of the ordinaryshares the subject of the Placing, have been subscribed for by the Miguens /Bemberg family led by Carlos Miguens and Gonzalo Tanoira, who continue toprovide invaluable expertise and advice in relation to the Company's activitiesin Argentina. The following Directors have subscribed for Placing Shares: Director Placing Shares Shareholding immediately Percentage of enlarged Subscribed following Admission issued share capital Sir John Craven 1,562,500 2,562,500 0.96%Carlos Miguens 2,668,568 39,608,950 14.78%Bill Humphries 390,625 6,890,625 2.57%Richard Prickett 390,625 6,374,888 2.38% The Placing is conditional on admission of the Placing Shares to AIM.Application has been made for admission of the Placing Shares to trading on AIM,and is expected to take place on 24 January 2006. In total the Directors and the Miguens/Bemberg family have subscribed for 60% ofthe Placing Shares, the balance being placed with institutional investors. Enquiries:Patagonia Gold Anthony Cardew/Tim Robertson Richard Prickett/ Tel: 020 7930 0777William HumphriesTel: +44(0)20 7409 7444 www.patagoniagold.com This information is provided by RNS The company news service from the London Stock Exchange