Business
Circ re. acquisition
Circ re. acquisition.
About this update from Clontarf Energy Plc
[{"type":"text","content":"\n RNS Number : 6758A Persian Gold PLC 04 February 2011 \n\n4 February 2011\n \nPersian Gold plc (\"Persian Gold\" or the \"Company\")\n \nRestoration of trading on AIM\n \nProposed acquisition of Hydrocarbon Exploration plc (the \"Acquisition\")\n \nProposed placing of 41,688,171 new ordinary shares at 6p per share (the \"Placing\") \n \nSubscription for 3,775,500 new ordinary shares at 6p per share (the \"Subscription\")\n \nProposed change of name to Clontarf Energy plc\n \nApplication for Re-admission of the Enlarged Group to AIM (\"Re-Admission\")\n \nNotice of General Meeting\n \n· Following the completion of documentation and the subsequent raising of finance the Persian Gold suspension on AIM has been lifted\n \n· A fundraising of £2.7m at 6p a share has been finalised\n \n· Following court and shareholder approvals, Persian Gold will acquire Hydrocarbon Exploration plc (\"HyEx\") for £4.56m in an all-share deal on the basis of 2,800 new Persian Gold ordinary shares for every one HyEx share. This is expected to be completed in early April\n \n· The Company proposes to change its name to 'Clontarf Energy'. The enlarged group is expected to have a market cap of approximately £12m\n \n· Since the Acquisition was announced, HyEx has won two exploration blocks in Peru and there has been a significant gas discovery on HyEx ground in El Dorado, Bolivia\n \n· Clontarf Energy will be an oil and gas focused venture with operations in Bolivia, Peru and Ghana\n \n· The existing gold / copper activities in Iran are also being retained\n \n· Shore Capital appointed as Nomad and Joint Broker to the Company; Optiva Securities to act as Joint Broker to the Company\n \nJohn Teeling, Chairman, commented:\n \n\"Patience is a virtue, which I hope will be rewarded. The new Persian Gold, when it is renamed Clontarf Energy, will be an aggressive oil and gas explorer in some of the most attractive energy areas in the world. The revitalised company will have 60% of the Tano 2A block in Ghana, close to the massive Tullow / Kosmos discoveries. HyEx has recently been awarded two exploration block...