Issue of Equity

RNS Number : 6814I

Pan Andean Resources PLC

16 March 2010

 



Pan Andean Resources plc

Exercise of options and director dealings

Pan Andean Resources plc ('the Company') announces that has today allotted 8,462,000 ordinary shares of £0.01 each in the Company in respect of the exercise of Pan Andean in-the-money Options.  The allotment is pursuant to, in accordance with, the Proposals set out in the Scheme Document sent to Pan Andean Shareholders on 26 February 2010 ('the Scheme Document').

The allotment includes 7,545,000 ordinary shares issued in respect of options exercised by the following Pan Andean Directors:

Pan Andean Director	Number of  options exercised	Exercise price (pence)
John Teeling	750,000	£0.01
	300,000	£0.025
	750,000	£0.03
	1,240,000	£0.06
	150,000	£0.10
David Horgan	750,000	£0.03
	1,865,000	£0.06
	150,000	£0.10
James Finn	150,000	£0.03
	1,140,000	£0.06
	150,000	£0.10
Ivan Sandrea	150,000	£0.10

Following the exercises the aforementioned Pan Andean Directors have the following interests in the Company's share capital:

	Number of ordinary shares	Percentage of issued share capital
John Teeling	9,091,650	7.1%
David Horgan	3,565,000	2.8%
James Finn	1,755,000	1.4%
Ivan Sandrea	150,000	0.1%

Furthermore in accordance with the Proposals set out in the Scheme Document the Company has also today allotted, for structural purposes, 1 (one) Pan Andean Share to Petrominerales Ltd. credited as fully paid and ranking pari passu in all respects with the ordinary shares already in issue in the Company.

Application has today been made for the 8,462,001 new ordinary shares issued pursuant to the arrangements above to be admitted to trading on AIM.  It is expected that dealings will commence in the new ordinary shares on 22 March 2010.  Following the allotments the issued share capital of the Company has increased to 127,689,734 ordinary shares of £0.01 each. 

Capitalised terms used in this announcement have the meanings given to them in the Scheme Document.

Enquiries:

Pan Andean Resources
John Teeling, Executive Chairman	[phone]
Smith & Williamson Corporate Finance Limited	[phone]
Nominated Adviser - Nick Reeve/Martyn Fraser
Broking - Barrie Newton

 

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