TIDMVGM

RNS Number : 4412F

Vatukoula Gold Mines PLC

23 May 2013

23 May 2013

Vatukoula Gold Mines plc.

("Vatukoula", "VGM" or "the Company")

Completion of First Tranche of Placing

Vatukoula Gold Mines Plc, announces that the Company has completed the first tranche of the placing announced on 20 May 2013.

On 20 May 2013 Vatukoula announced it had entered into a subscription agreement with SCD Energy Inc., ("the Subscriber"), which is an indirectly wholly owned subsidiary of DRK Energy Co., Limited ("DRK") whereby the Subscriber subscribed for 30,000,000 new ordinary shares in the Company at a price of GBP0.15 per share (the "Subscription Shares") to raise GBP4.5 million (the "Subscription Agreement"). The Subscription Shares will represent approximately 19.2% of the enlarged issued share capital of the Company.

The Subscription Agreement is to be completed via the issue of two equal tranches of 15,000,000 (GBP2.25 million). The first tranche is now completed and the second tranche will be completed by 17 June 2013.

The Company will apply for the first tranche shares to be admitted to AIM and admission is expected on 29 May. Following admission of the first tranche placing shares, the Company's enlarged issued share capital will comprise 141,358,339 Ordinary shares with one voting right per share. There are no shares held in treasury. The total number of voting rights in the Company is therefore 141,358,339 new Ordinary shares.

This figure of 141,358,339 Ordinary 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.

-Ends-

 
 
   Enquiries: 
 
   Vatukoula Gold Mines plc                    Pelham Bell Pottinger 
                           + 44 (0)20 7440                             + 44 (0)20 7861 
 David Paxton               0643             Charles Vivian             3232 
 Kiran Morzaria                              Daniel Thöle 
 
   W.H. Ireland Limited                        Daniel Stewart 
                           + 44 (0)20 7220                             +44 (0)20 7776 
 James Joyce                1666             Colin Rowbury              6550 
 James Bavister

This information is provided by RNS

The company news service from the London Stock Exchange

END

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