31 Mar 2008 12:46
For immediate release 31 March 2008
SIRIUS EXPLORATION Plc ("Sirius Exploration" or "the Company") Termination of Acquisition of Njahili Resources Ltd ("Njahili Resources")
Further to the Company's announcement on 3 March 2008, the Company confirms that it will not proceed with the acquisition of Njahili Resources in the form previously announced. The Company had previously understood the minimum placing requirement to be available. In the event, this was not forthcoming and in present market conditions it was not possible to find other investors to fill the gap in the time available.
The Company is in the process of raising additional working capital and further details will be announced when this has been concluded. The Company will use the capital raised to continue its development of the Kadiica and Osogovo prospects in Macedonia and for general expenses. The Company believes it will be in a position to announce further details of this funding together with the publication of the Audited Annual Report and Accounts for the year ended 31 March 2007 and the notification of the Unaudited Interim Statement for the six months ended 30 September 2007 by no later than 7.00 am on 7 April 2008.
Pending this, dealings in the Company's shares on AIM will remain suspended.
ENDS
For further information, please contact:
Sirius Exploration Plc Tel: 01453 511900/07879 447601 Richard Poulden Beaumont Cornish Limited Tel: 0207 628 3396 Roland Cornish Cubitt Consulting Tel: 020 7367 5102/07802 724 400 Brian Coleman-Smith
SIRIUS EXPLORATION PLC