SHARE PLACING CONCLUDED WITH RAB CAPITAL
News Report
2 September 2003
African Eagle is pleased to announce completion of a Placing with funds managed by RAB Capital Limited. The proceeds of the Placing will enable the Company to accelerate its exploration drilling programmes on a number of very promising gold prospects.
The Placing consists of 10,000,000 Ordinary Shares at a price of 8p per share, together with 10,000,000 Warrants to subscribe for additional new Ordinary Shares at a price of 11p per share exercisable at any time up to 30 September 2005.
As a consequence, RAB Capital Limited holds 19,600,000 Ordinary Shares representing 28.59% of the issued share capital of African Eagle.
Application will be made for the new Ordinary Shares to be admitted to trading on AIM.
John Park
Chairman
African Eagle Resources plc
+44 20 72 48 60 59 Fax +44 20 76 91 77 45 email info@africaneagle.co.uk