Avocet Mining PLC - Proposed Placing, etc.

RNS No 8976k
AVOCET MINING PLC
25th July 1997

                       AVOCET MINING PLC

         PROPOSED PLACING OF 3,249,466 ORDINARY SHARES

     POSTING OF ANNUAL REPORT AND CIRCULAR TO SHAREHOLDERS

The   board   of  Avocet  announces  that  the   Company   has
conditionally allotted 3,249,466 ordinary shares by way  of  a
private  placing at 165p per share.  The private placing  will
involve  shares  representing less than 10  per  cent  of  the
Company's  existing  issued  share  capital  and  will   raise
approximately #5.4 million.

The  funds  raised  will be used to repay certain  outstanding
loans  and  to  provide working capital for  the  group.   The
group's  working  capital  forecasts  assume,  amongst   other
factors,   a   rise  in  tungsten  prices  and  a   successful
rescheduling  of  a  number of its loan repayments,  which  is
currently  being pursued.  Failing either of these, a  further
fund  raising  exercise  or  alternative  sources  of  working
capital may be required.

It is proposed that 3,249,466 ordinary shares will be allotted
to  the  following placees in the proportions set out  against
their names:

     Capital Research & Management Company           1,500,000
     Westgate International Limited Partnership*       849,466
     Jocelyn Waller*                                   455,000
     PS Holdings Ltd*                                  245,000
     Invesco Asset Management*                         200,000
                                                      --------
                                                     3,249,466
                                                       =======
     *  Existing shareholders

Jocelyn   Waller  is  the  Company's  Chief  Executive.    The
allotment to him of 455,000 ordinary shares will represent  an
increase  of  approximately 20 per  cent  above  his  existing
holding  of 2,277,465 ordinary shares.  His resultant  holding
will  be  2,732,465  ordinary  shares,  which  will  represent
approximately  7.6  per  cent of  the  enlarged  issued  share
capital of the Company.

In  order  to  disapply  shareholders' rights  of  pre-emption
arising under section 89 of the Companies Act 1985 in relation
to  the  new  shares, shareholder approval for the placing  is
required.   A  circular  is being sent to  shareholders  today
together  with the annual report containing a notice convening
an Annual General Meeting of the Company on 20 August 1997, at
which  inter  alia  the requisite special resolution  will  be
proposed.

Enquiries:

Avocet Mining PLC                                0171-834 1811
Jocelyn Waller (Chief Executive)
Tony Steele (Finance Director)


END

Avocet Mining (LSE:AVM)
過去株価チャート
から 6 2024 まで 7 2024