REG - Paternoster Res. - Announcement by Plutus Resources plc <Origin Href="QuoteRef">PRSPA.L</Origin>

Riverfort Global OpportunitiesAnnouncement

29/10/2014 14:53

RNS Number : 8651P
Paternoster Resources PLC
22 August 2014
22 August 2014
Paternoster Resources plc
("Paternoster" or the "Company")
Announcement by Plutus Resources plc
Paternoster is pleased to note the announcement today by one of its investments, Plutus Resources plc ("Plutus Resources").
Plutus Resources today announced the approval of the acquisition of Plutus Energy Limited ("Plutus Energy"), a company established for the purpose of generating power from flexible stand-by power generation farms and generating revenues through the sale of this power to large energy supply companies during periods of peak electricity demand or Grid instability.
Plutus Resources further announced that the Company has raised 800,000 through a placing to fund the working capital requirements of the enlarged group. Plutus Resources has also changed its name to Plutus PowerGen plc ("Plutus Powergen").
Nicholas Lee, Chairman of Paternoster, said: 
"I am very pleased that the acquisition by Plutus Resources of Plutus Energy and the raising of 800,000 to fund the development of this business has now been completed. Paternoster originally invested 100,000 in Plutus Resources at 0.25p per share and 100,000 in the form of a convertible loan note. This loan note plus accrued interest has now been converted on the basis of 0.25p per share. The current share price of the company is 0.78p, representing some 3.1 times the level of our original investment".
The full announcement released by Plutus Resources can be found at its website: http://www.plutusresourcesplc.com/
For more information please contact:
Paternoster Resources plc:

Nicholas Lee, Chairman
+44 20 7580 7576
Nominated Advisor and Joint Broker:

Westhouse Securities

Antonio Bossi / David Coaten
+44 20 7601 6100
Joint Broker:

Peterhouse Capital Limited

Lucy Williams
+44 20 7562 3351

This information is provided by RNS
The company news service from the London Stock Exchange
  END
MSCQKBDBBBKDNFB