Atomaer news (BRR.L) RNS Number:4008K
Braemore Resources PLC
20 December 2007
20 December 2007
Braemore Resources plc
("Braemore" or "the Company")
MOVES TO 100% OWNERSHIP OF INDEPENDENCE PLATINUM BY
ACQUIRING 5% MINORITIES INTEREST
Braemore Resources Plc (AIM: BRR) announces the acquisition of a further 5%
interest in Independence Platinum Limited ("IPt") taking its holding to 100% of
the total issued capital of IPt.
Braemore has acquired the 5% interest in IPt for a consideration of 16,377,602
ordinary fully paid shares in the Company, which are subject to a 12 month
lock-in agreement.
The vendors of the shares in IPt include the Atomaer Employees Share Trust, a
discretionary trust of which David Humann and Clayton Dodd, directors of the
Company, are potential beneficiaries. Following the issue, the Atomaer Employees
Share Trust will hold 6,551,041 shares in the Company.
The independent directors of Braemore consider, having consulted with the
Company's nominated adviser, Nabarro Wells & Co Ltd, that the terms of the
acquisition are fair and reasonable insofar as the Company's existing
shareholders are concerned.
The new ordinary shares will rank pari passu with the existing ordinary shares
in the Company. Application will be made for the 16,377,602 new ordinary shares
to be admitted to AIM, which is expected to take place on 28 December 2007.
Following this issue of 16,377,602 new ordinary shares, the Company's total
number of issued ordinary shares will be 688,325,036.
-Ends-