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Papua Mining
- BY: Andrew Hore |
- POSTED: 22/02/2012 |
- COMMENTS: Add yours
Gold and copper explorer Papua Mining intends to raise £7m when it joins Aim on 2 March.
This will double the share capital and value Papua Mining at £14m.
Existing shareholder Michael Somerset-Leeke will buy an additional 3.4m shares which will edge up his stake to 20.4%. JP Morgan Asset Management will own 8%, Hargreave Hale 6.38% and Salida Capital will buy 5.33%. South Pacific Mining Holdings will not buy any more shares but will still be the largest shareholder with 31%.
Papua Mining chief executive Hugh McCullough and technical director Kieran Harrington left Glencar after it was acquired by Gold Fields Metal BV. Papua Mining (http://www.papuamining.com) has exploration licences in two main areas of Papua New Guinea: Ambunti and New Britain.
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