Last checked at 28 Dec 2012 07:00
Paternoster Resources plc
("Paternoster" or the "Company")
Investment in IPSO Ventures plc ("Ipso")
Paternoster announces that it has subscribed for 40,000,000 new ordinary shares in Ipso at a price of 0.25 pence per share and £100,000 of 10% unsecured convertible loan stock convertible at 0.25 pence per share, as part of Ipso's restructuring, which includes, inter alia, the disposal of its existing business, the adoption of a new investing policy focused on the natural resources sector and its change of name to Plutus Resources plc. This represents an investment, in aggregate, of £200,000 and would give Paternoster a 27.9% share holding in Ipso before the conversion of the loan stock.
The investment is conditional, inter alia, on the passing of the necessary resolutions and approval by the court in connection with a reduction in capital. At the same time, Nicholas Lee, Chairman of the Company, will join the board of Ipso.
Nicholas Lee, Chairman said
"Given current market conditions, listed cash vehicles focused on the natural resources sector are an attractive way for companies in this sector to access the capital markets and we are seeing a good level of demand for such vehicles. More generally, I expect to provide shareholders with a trading update shortly on the Company's investment activities"
For more information please contact:
Paternoster Resources plc:
Nicholas Lee, Chairman +44 20 7580 7576
Nominated Advisor and Joint Broker:
Westhouse Securities
Antonio Bossi / Paul Gillam +44 20 7601 6100
Joint Broker:
Peterhouse Capital Corporate Finance
Jon Levinson +44 20 7562 3351