Last checked at 29 Jul 2014 09:01
PATERNOSTER RESOURCES PLC
("Paternoster" or the "Company")
Trading update
Paternoster Resources plc, the AIM quoted investment company, whose aim is to generate value by investing in the natural resources sector, is pleased to provide the following update on the recent progress it has made in reshaping certain of its investments and setting them on new and exciting paths for growth.
MX Oil plc (AIM: MXO)
Since the Q2 2014 placing and raising of circa £1million in new funds, MX Oil (formerly Astar Minerals plc) has made very good progress in pursing its strategy of focusing on oil and gas opportunities in Mexico. In particular, it has signed heads of terms in connection with a proposed joint venture with Geo Estratos, an established Mexican oil and gas services company. The company is now well placed to take part in the reform and opening up of the energy market in Mexico. The share price of MX Oil has increased by over 200% since the placing in March 2014 when the company adopted this revised focus and the board was strengthened. Paternoster currently holds 8.6 million shares, now worth approximately £273,000.
Metal Tiger plc (AIM: MTR)
In June this year, Metal Tiger (formerly Brady Exploration plc) raised circa £400,000 of new funds and is now focused on investment opportunities in the mining sector in the South East Asia region. The new management team has access to a number of potential opportunities in this region. Confidence in the company's strategy has been clearly demonstrated by the current board actively acquiring shares in the company. In terms of Paternoster's investment, the Company decided to convert part of its loan to Metal Tiger into new shares at the recent placing price of 0.5p - the shares are currently trading at a 60% premium to this price. The Company currently holds 27.0 million shares, now worth approximately £216,000.
A more comprehensive review of the Company's investment portfolio will be included as part of the publication of the half year results which will be announced in the very near future.
For more information please contact:
Paternoster Resources Plc: +44 (0) 20 7580 7576
Nicholas Lee, Chairman
Nominated Adviser and Joint Broker: +44 (0) 20 7601 6100
Westhouse Securities
Antonio Bossi/David Coaten
Joint Broker: +44 (0) 20 7562 3351
Peterhouse Corporate Finance
Lucy Williams