POL.L Regulatory News (POL)

1 Feb 2008 11:50

Polo Resources Limited01 February 2008 1 February 2008 Polo Resources Limited ('Polo Resources' or 'the Company') Successful placing of 281,680,000 New Ordinary Shares, raising £ 25m Polo Resources Limited (AIM:PRL), the natural resources investment and miningcompany, is pleased to announce it has successfully raised gross proceeds ofapproximately £25m in a placing of 281,680,000 New Ordinary Shares at 9p pershare. BMO Capital Markets acted as placing agent for this offering. Subsequent to the issuance of these New Ordinary Shares, Polo Resources willhave 711,282,000 Ordinary Shares in issue. Stephen Dattels, Chairman of Polo Resources said today: "We are very pleased to be able to report the placing of these New OrdinaryShares. Polo will apply these funds to the acquisition and development of coalinterests throughout the world. "Our strategy is focused on both thermal and coking coal projects strategicallylocated to serve the rapidly growing Asian market. With the demand for importedcoal in China alone having already tripled since 2003, the growing Asian demandfor coal represents a significant opportunity and we look forward toimplementing our acquisition and development programme." Application has been made for the New Ordinary Shares to be admitted to tradingand these will rank pari passu with the Company's existing Ordinary Shares. Dealings on AIM are expected to commence on 6 February 2008. - Ends - Contacts: Polo Resources Limited: Guy Elliot (Non-Executive Chairman) Tel +1 941 284 5954 Suresh Hiremath Tel +44 (0) 207 586 4629 Canaccord Adams Tel +44 (0) 207 050 6500 Robin Birchall/ Andrew Chubb Financial Dynamics Tel: +44 (0) 20 7831 3113 Ben Brewerton Edward Westropp This information is provided by RNS The company news service from the London Stock Exchange