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Falklands Gold offers £ 8 million subscription

Tuesday, November 9th 2004 - 20:00 UTC
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Falkland Islands Gold and Minerals Limited the only company with a licence to explore for gold and minerals in the Islands announced this Tuesday in London that it's placing an offer for subscription to raise up to £ 8 million and to apply for the admission of its shares to trading on AIM (Alternative Investment Market).

The money raised will be used to undertake further stages of its exploration programme.

Falkland islands Holdings plc ('FIH') with a 21.9% interest in Falkland Gold and Minerals Ltd.('FGML') which made the following announcement 09 November 2004: "Falkland Gold and Minerals Limited ('FGML'), an exploration company, announces that it intends to implement a placing and offer for subscription to raise up to £8m and to apply for the admission of its shares to trading on AIM.

FGML was incorporated in February 2004 and has begun an exploration programme for gold and other minerals in the Falkland Islands. FGML holds the only licence to explore for gold and minerals, giving it exclusive exploration rights to substantially all of the onshore land mass of the Falkland Islands, covering approximately 12,000 km(2). The licence, currently valid to January 2007, will be extended by the Falkland Islands Government to July 2009 on admission to AIM.

The money raised will be used to undertake further stages of its exploration programme.

FGML has recently expanded its board and announces the appointments of Richard Linnell, as executive Chairman, Mark Fresson as executive Finance Director and Dr Robert Weinberg as a non-executive Director".

Commenting on the flotation and new appointments, David Hudd, non-executive Deputy Chairman of FGML, said:

"We look forward to the start of our drilling programme, which we intend to fund through the proceeds of the placing and public offer. Our new directors bring additional experience to FGML, and we all look forward to the next stage of the company's development".'

Categories: Falkland Islands.

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