Pan African raises GBP 1.7m

5 Apr 2006 07:01

Pan African Resources PLC05 April 2006 5th April 2006 Pan African Resources plc ("Pan African" or "the Company") Pan African Resources raises £1.7m Pan African Resources PLC (AIM: PAF) the African based gold exploration companyannounces that it has raised £1,700,137 by way of two private placings for atotal of 40,003,235 new ordinary shares at a price of 4.25p per share. The capital raised will primarily be utilised to forward the Company'sexploration activities in Mozambique and the Central African Republic "CAR". In addition, the company has issued 6,000,000 new ordinary shares for £255,000(equivalent to 4.25p per share) to Pangea Exploration (Pty) Limited bycapitalisation of the liability to Pangea for conceding its rights in the CARJoint Venture. These shares are subject to a lock-in period of 1 year. The total shares issued represent 11.3% of the enlarged share capital of407,753,235 shares. It is anticipated that all of the new shares will be admitted to trade on 7April 2005. Ends Pan African Resources Ambrian Partners Parkgreen CommunicationsJan Nelson, CEO Richard Brown Justine Howarth /+27 11 886 1211 +44 (0) 20 7776 6400 Victoria ThomasNathan Steinberg, FD +44 (0) 20 7493 3713+44 (0) 20 7845 7500 This information is provided by RNS The company news service from the London Stock Exchange