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Papua Mining

  • BY: Andrew Hore |
  • POSTED: 22/02/2012 |

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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