PLACEMENT
Energy Ventures Limited (www.energyventures.com.au) ("EVE"), an investment company listed on the Australian Stock Exchange, has agreed to pay GBP467,800 for a total of 46,780,000 ordinary shares in the capital of the Company. This number of shares is equal to 29.90% of the Company's enlarged share capital following the placing.
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Shares
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New Percentage
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| Shares in issue(before placing) |
109,675,489
|
|
| Placing to EVE |
46,780,000
|
29.90%
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| Shares in issue (after placing) |
156,455,489
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|
|
|
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| Shares held by directors of the Company |
2,652,000
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1.695%
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There are also 5,700,000 options outstanding which options are held mainly by directors of the Company and are capable of exercise at prices of between 2.75 and 3.12 pence. These options expire in June 2010.
It is proposed that the proceeds of this placement to EVE will fund the Company's planned Scandinavian exploration programme, in Sweden and Finland.
Dr. Robert Young, Chairman of Agricola commented "The investment by such a highly respected Australian group will give Agricola the funds and technical backing it needs to expand its activities in Scandinavia".
Energy Ventures is very pleased to take this opportunity to become a major shareholder in Agricola and believes the company has a tremendous opportunity to develop its existing exploration assets in Scandinavia and also pursue new uranium exploration prospects in the area.
Contact :
Dr. Robert Young, Chairman
Agricola Resources plc
Tel: +44 (0) 1353 649 701
Mr Richard Newstone
Finance Director
+44 (0)20 7624 8703
Technical background:
The use of radon gas detectors to identify uranium mineralisation is well known and has been in use since the 1960s. Because radon is a gas, it has much greater mobility than uranium and radium, which are fixed in the solid matter in rocks and soils. Radon migrates to the surface by escaping into fractures and openings and into the pore spaces between grains of soil. The ease and efficiency with which radon moves in the pore space or fracture effects how much radon is detected at the surface. If radon is able to move easily in the pore space, then it can travel a great distance before it decays, and is therefore detectable at the surface above a uranium occurrence.
The Alpha Track method uses a small cellulose-nitrate film attached to the inner side of a 0.5 litre size plastic sample cup. The film is not affected by light or any other form of electromagnetic radiation. The film is only sensitive to alpha particles emitted by daugther products of uranium (mainly radon).
The Alpha Track Detectors are buried in holes dug in the soil to approximately 50-75 cms depth. The holes are then tightly filled with soil and left in place for 30 days after which they were retrieved and returned to Alpha Track for processing. The processing of the detectors entails the etching of the nitro-cellulose film. This etching processes highlights the imprints caused by the alpha particles when they impinge on the film. The tracks are counted optically and expressed as "Track count per square millimetre (T/mm2)". These counts are proportional to the radon gas levels at the sample site.
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