Result of Equity Issue

Blavod Black Vodka PLC
19 January 2004


19 January 2004

                     Blavod Black Vodka plc ('the Company')

                        Result of Placing and Open Offer

On 23 December 2003, Blavod Black Vodka plc, the AIM-quoted drinks group,
announced that it was raising £10.0 million (before expenses) by means of a
Placing of 40,816,327 new shares at 24.5p per share, subject to an Open Offer of
8,209,058 new shares to Qualifying Shareholders. These shares were offered on
the basis of 5 Open Offer Shares for every 9 existing shares. The Placing and
Open Offer was underwritten by Evolution Beeson Gregory Limited.

The latest time for receipt of completed Application Forms and payment in full
in respect of the Open Offer was 3.00 p.m. on 16 January 2004. Of the total of
8,209,058 Open Offer Shares, valid applications have been received by Qualifying
Shareholders in respect of 5,269,687 Open Offer Shares, representing 64.19 per
cent. of the total Open Offer Shares. The remaining 2,939,371 Open Offer Shares,
being those not taken up by Qualifying Shareholders, will be taken up by those
institutional and other investors with whom they were conditionally placed.

The Company's acquisition of the business, assets and liabilities of US spirits
group Extreme Beverage Company, LLC and the Placing and Open Offer are due to
complete tomorrow (20 January 2004). It is expected that the Company's change of
name to Blavod Extreme Spirits plc (new ticker: BES) will become effective for
Stock Exchange purposes on 21 January 2004.

For further information:

Katya Reynier, Laura Cummings Brunswick 020 7404 5959

Words and expressions defined in the prospectus of the Company dated 23 December
2003 shall, unless the context provides otherwise, have the same meaning in this
announcement.



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