Tethyan Resources Regulatory News (TETH)

31 Jul 2008 18:07



Triple Plate Junction plc

("TPJ" or the "Company") 

Placing 

TPJ plc (AIM:TPJ), a gold and copper company operating in Papua New Guinea (PNG), Vietnam and Zambia, today announces it has raised £2 million through a conditional placing of 36,363,636 new ordinary shares at 5.5 pence per ordinary share (the "Placing Price") (the "Placing"). The Placing is conditional on admission of the new ordinary shares issued pursuant to the Placing being admitted to trading on AIM ("Admission").

The net proceeds of the Placing will principally be used to progress the Zambian copper programme, with the objective of advancing the operation to a positive cash flow position by Q4 2008. Excess cash generated from the Zambian programme is intended to be used to facilitate the continued exploration of the Company's major licenses in PNG and Vietnam.

The Directors believe that following the Fundraising, the Company should have sufficient resources to support the Zambian Project and enable the continued exploration in PNG and Vietnam.

Each of Thornaby Limited (a company the entire issued share capital of which is owned by the I.R. Gowrie-Smith Family Settlement, the beneficiaries of which include Ian Gowrie-Smith), Ocarina Investments Limited (a company the entire issued share capital of which is owned by the DJ Lees Family Settlement, the beneficiaries of which include David Lees) and Indusprojet Establishment, a legal entity formed under Liechtenstein law and of which Geoff Walsh is the sole beneficiary, are also participating in the Placing. They are each subscribing for the following number of new ordinary shares at the Placing Price: 

The participation by each of Thornaby, Ocarina and Indusprojet in the Placing is deemed, by virtue of their relationships with Ian Gowrie-Smith, David Lees and Geoff Walsh (respectively) to be a related party transaction under the AIM Rules. The Independent Directors consider, having consulted with the Company's nominated adviser, that the terms of the participation by Thornaby, Ocarina and Indusprojet in the Placing are fair and reasonable insofar as the Company's shareholders are concerned.

Following the placing the interests in shares of the three investing directors shall be as follows: - Ian Gowrie-Smith 27,831,986 shares (19.7% of enlarged issued share capital) - David Lees 7,734,091 shares (5.4% of enlarged issued share capital) - Geoff Walsh 3,465,595 shares (2.4% of enlarged issued share capital)

Subscription letters relating to the Placing will be sent to investors shortly, and following receipt of all of these letters by the Company, application will be made to the London Stock Exchange for Admission, which is expected to occur on the 14th August 2008. The new ordinary shares will, upon Admission, rank pari passu with the existing issued ordinary shares of 1p each in the share capital of the Company.

Upon Admission, the Company's enlarged share capital will comprise 141,278,431 ordinary shares with voting rights. The Company does not hold any shares in treasury. This figure of 141,278,431ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FSA's Disclosure and Transparency Rules.

For further information please contact:

This statement may contain certain "Forward looking Statements". All statements, other than statements of historical fact, included herein, including, without limitation, statements regarding potential mineralisation and reserves, exploration results and future plans and objectives of Triple Plate Junction Plc, are forward looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Certain risk factors may also affect the actual results achieved by Triple Plate Junction Plc.