Patagonia Gold Regulatory News (PGD)

22 Mar 2007 17:08

Patagonia Gold PLC22 March 2007 Patagonia Gold Plc ("Patagonia Gold" or the "Company") Placing to raise £1.67 million Patagonia Gold, the South American mining explorer, today announces that it hasagreed to place 29,021,400 new ordinary shares of 1p each in the Company("Placing Shares") at a placing price of 5.75p per share (the "Placing") toraise £1.67 million. The proceeds from the Placing will be used to financeworking capital and exploration expenditure. Placing Shares to the value of approximately £1.19 million will be subscribedfor by Directors and their family associates. Directors' discloseable interestsare as set out below. The Placing is conditional on admission of the PlacingShares to AIM. The Directors will subscribe for Placing Shares as follows: Director Placing Shares Shareholding Percentage of Subscribed immediately enlarged issued following share capital Admission Sir John Craven 435,000 2,997,500 0.90Carlos Miguens 11,102,006 51,698,956 15.55Bill Humphries 1,050,000 7,940,625 2.39Richard Prickett 870,000 7,244,888 2.18Marc Sale 226,000 1,676,687 0.50 The Placing Shares represent 8.73% of the enlarged issued share capital of theCompany. The number of Ordinary shares in issue following the Placing will be332,472,995. The Placing Shares will rank pari passu with existing ordinaryshares of 1p each. Application has been made for admission of the Placing Sharesto trading on AIM, and is expected to take place on 2 April 2007. Enquiries:Patagonia GoldRichard Prickett/William HumphriesTel: +44(0)20 7409 7444 Anthony Cardew/Tim RobertsonTel: 020 7930 0777 www.patagoniagold.com This information is provided by RNS The company news service from the London Stock Exchange