28 Jun 2013 07:00
28 June 2013
Sovereign Mines of Africa PLC
("SMA" or "the Company")
Disposal of shares in Praetorian Resources Limited
Sovereign Mines of Africa Plc, the gold mining exploration company with properties in the Republic of Guinea in West Africa, is pleased to announce that the Company has disposed of 2,000,000 ordinary shares of nil par value (the "Shares") in AIM quoted Praetorian Resources Limited ("Praetorian"), realising net proceeds of £398,000 in cash. As at 31 December 2012 the Shares were classified as a current asset with a fair value of £900,000. On completion, the Company will hold 200,000 shares in Praetorian.
David Pearl, Chairman of SMA, said:
"We are delighted that we have been able to dispose of the majority of our Praetorian shares. The funds realised will support our ongoing exploration programme in Guinea and will also provide working capital to the Company"
- Ends -
Enquiries:
SOVEREIGN MINES OF AFRICA PLC
David Pearl, F.C.A. - Chairman +353 696 8961
david.pearl@pearlcp.com
John Barry - Exploration Director +353 8 7669 5608
Nathan Steinberg - Finance Director +44 20 7269 7680
SHORE CAPITAL - NOMINATED ADVISER & BROKER
Toby Gibbs/Bidhi Bhoma - Corporate Finance
Jerry Keen - Corporate Broking +44 20 7408 4090
SQUARE1 CONSULTING LIMITED
David Bick/Mark Longson +44 20 7929 5599
NEWGATE THREADNEEDLE
Graham Herring +44 20 7653 9858