14 October 2005
Table Mountain Minerals plc
Fundraising
Table Mountain Minerals Plc ("TBL" or the "Company"), today announces that it is to raise £3 million before expenses by a placing of 30,000,000 new ordinary shares (the "Placing Shares") at 10p per ordinary share (the "Placing Price").
The Directors believe that strengthening the Company's balance sheet will enhance the Company's position when negotiating offshore exploration licenses and farm in agreements.
Corporate Synergy Plc, as agent for the Company, has placed the Placing Shares at the Placing Price with institutional and other investors, subject to the Placing Shares being admitted to trading on AIM. The Placing Price represents a discount of 3.6 per cent. to the closing mid market price of 10.375p on AIM as at 13 October 2005, the date prior to the publication of this announcement. The Placing Shares will, when issued and fully paid, rank pari passu in all respects with the existing issued ordinary shares of the Company.
Mike Whyatt, Mike Evans and Jim Bain, directors of the Company are subscribing for 500,000, 150,000, and 150,000 Placing Shares respectively, resulting in holdings following admission of the Placing Shares of 3,788,461, 3,438,461, and 150,000 ordinary shares respectively, representing 2.51, 2.28, and 0.10 per cent. of the issued share capital as enlarged by the Placing Shares.
Application has been made for the Placing Shares to be admitted to trading on AIM and trading in the Placing Shares is expected to commence on 19 October 2005.
Table Mountain Minerals Plc will change its name to Plectrum Petroleum Plc following shareholder approval at an EGM to be held on October 27, 2005.
END
Contact
Aquila Financial Limited
Peter Reilly 020 7849 3319
Corporate Synergy Plc
John Prior 020 7448 4400
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