Sale of Interest in Silver Swan Group Limited
Mercator Gold Plc
MERCATOR GOLD plc
(“Mercator Gold”, “Mercator” or “the
Company”)
Sale of Interest in Silver Swan Group Limited
Silver Swan Group Ltd (“Silver Swan”) announced on 28 September 2009
that eight million shares held by Mercator will be released from escrow
and placed equally with Citywest Corp Ltd and Hillgrove Resources Ltd,
both of which are already shareholders in Silver Swan.
In accordance with the Australian Listing Rule 3.10A, these shares will
be released from escrow within ten business days of the announcement.
Mercator announces that the sale of these eight million shares to
existing shareholders in Silver Swan was negotiated through the offices
of Credit Suisse in Melbourne. This sale will realise AU$2.64m.
Earlier, Silver Swan had released from escrow two million shares of
which Mercator has sold one million at an average price of AU$ 0.349
raising approximately AU$315k.
The total achieved to date from these sales therefore amounts to
AU$2.99m or approximately £1.50m.
Mercator still holds one million shares in Silver Swan and additionally
it holds four million performance shares in Silver Swan, the issue of
which are subject to the identification of an independently calculated
Indicated Mineral Resource of 350,000 of gold or other metal equivalent
by Silver Swan from the tenements acquired from Mercator in April 2008.
Mercator intends to use the proceeds of the sales to fund on-going
Mercator corporate undertakings particularly the work at the Copper Flat
Project in New Mexico and potential future investments.
Managing Director, Patrick Harford said:
“Mercator’s task of adding value to our investments has been
demonstrated by the disposal of a proportion of our holding in Silver
Swan Group Limited. The sale of nine million shares substantially
strengthens the Company’s balance sheet and puts the Company in a
position to take several projects forward over the next six months.”
For further information please contact
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Mercator Gold plc
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Michael Silver, Chairman
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Tel:
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+44 (0) 20 7929 1010
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Patrick Harford, Managing Director
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Email: info@mercatorgold.com
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Website: www.mercatorgold.com
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Bankside Consultants Ltd
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Tel:
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+44 (0) 20 7367 8888
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Simon Rothschild
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Oliver Winters
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Cenkos Securities plc
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Adrian Hargrave
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Tel:
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+44 (0) 20 7397 8900
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Beth McKiernan
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Old Park Lane Capital PLC
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Forbes Cutler, Director of Corporate Broking
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Tel:
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+44 (0) 20 7518 2603
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AIM: MCR
