Pan Andean Resources PLC
17 November 1999
Pan Andean is pleased to announce that it has raised £3,747,098 (before
expenses) via a placing of 17,032,264 new ordinary 1p shares at 22p per share.
The placing, mainly with UK and Irish institutions represents 26 per cent. of
the expanded equity. The monies will enable Pan Andean to participate in the
consortium which will finance the drilling of the next well site, details of
which were contained in the preliminary announcement on 29 September 1999. It
is expected that dealings in these shares on the Alternative Investment Market
('AIM') will commence on 22 November 1999.
Existing shareholders will be given the opportunity to participate in the
fundraising via an open offer of 4,368,810 new ordinary 1p shares on the basis
of 1 new ordinary 1p share for every 11 existing 1p ordinary shares on the
register at the close of business on 16 November 1999.
It is anticipated that the open offer will raise a further £961,138 (before
expenses) and that dealings in the open offer shares will commence on AIM on
22 December 1999.