Last checked at 12 Jul 2010 10:04
12 July 2010
Solomon Gold Plc
("Solomon Gold" or the "Company")
Announcement to London Stock Exchange
Solomon Gold Placement 33.1 Million Shares at £0.05 to Raise £1,654,455
The Board of Solomon Gold Plc ("Solomon Gold" or "Company") is pleased to advise that the Company has entered agreements for a placing of 33,089,099 shares at £0.05 per share for gross proceeds of £1,654,455 ($A2,839,145) to institutional and private investors. The shares are to be admitted by 27 July 2010.
Solomon Gold recently announced a 200koz Au maiden resource at its Rannes gold project in Central Queensland. The funds raised are to be used by the Company for additional near term drilling and a significant resource upgrade at the Rannes and Mt Perry Projects in Queensland. Funds will also be utilised for mapping and trenching at the Fauro Project in the Solomon Islands, and working capital.
The Directors of Solomon Gold have supported the placement, the changes in their direct and indirect shareholding interests are outlined below.
Director Interests
The table below sets out each director's interests on Ordinary Shares of the Company before and after today's share placement.
| Participating Director | Pre Placement Shareholding | % Total | Placement Shares Issued | Shareholding Following Placement | % Total |
| Cameron Wenck | 1,095,477 | 0.6% | 1,165,460 | 2,260,937 | 1.0% |
| Nicholas Mather | 30,762,862 | 15.9% | 5,827,300 | 36,590,162 | 16.2% |
| Brian Moller | 924,925 | 0.6% | 233,092 | 1,158,017 | 0.5% |
| Robert Weinberg | 383,152 | 0.2% | 250,374 | 633,525 | 0.3% |
| John Bovard | 300,000 | 0.2% | 291,365 | 591,365 | 0.3% |
| Total Company | 193,266,272 |
|
| 226,355,371 |
|
Qualified Person
Information in this report relating to the exploration results is based on data reviewed by Mr Nicholas Mather (B.Sc. Hons Geol.), the Chief Executive Officer of the Company. Mr Mather is a Fellow of the Australasian Institute of Mining and Metallurgy who has in excess of 25 years experience in mineral exploration and is a Qualified Person under the AIM Rules. Mr Mather consents to the inclusion of the information in the form and context in which it appears.
By order of the Board
Karl Schlobohm
Company Secretary
Contacts:
Mr Karl Schlobohm Tel: +61 (0)7 3303 0660
Solomon Gold Plc (Company Secretary)
kschlobohm@solomongold.com
Mr Ewan Leggat Tel: +44 (0)207 598 5368
Fairfax I.S. PLC (Broker)
eleggat@fairfaxis.com
Mr Stephen Weir Tel: +61 (0)2 9250 0048
RFC Corporate Finance (Nominated Advisor)
stephen.weir@rfc.com.au
Mr Dominic Barretto Tel: +44 (0)208 980 3545
Yellow Jersey PR (PR & IR)
dominic@yellowjerseypr.com
NOTES TO EDITORS
Solomon Gold Plc's original and core gold exploration projects are located on the Solomon Islands and remain a major focus of the Company. However, the Company has extended its strategy to include becoming an integrated gold explorer, developer and miner with projects in lower risk theatres as well as the Solomon Islands.
Solomon Gold carries a diverse portfolio of higher risk high reward exploration projects in the Solomon Islands and lower risk projects which are more advanced towards resource definition in Queensland, where exploration costs are approximately one third of that in Melanesia. Solomon Gold's projects include: Guadalcanal and Fauro (Solomon Islands) and Rannes, Mt Perry and Normanby (Queensland, Australia).
Solomon Gold's Board includes accomplished professionals with strong track records in the areas of exploration, mine development, investment, finance and law. Board and Management have significantly vested interests in the Company holding approximately 19.3% of its issued share capital.
Solomon Gold is based in Brisbane, Queensland, Australia. The Company listed on London's Alternative Investment Market in 2006. Further details concerning the Company's key projects and personnel can be found at www.solomongold.com.