REG - Paternoster Res. - Trading Update <Origin Href="QuoteRef">PRSPA.L</Origin>

Riverfort Global OpportunitiesAnnouncement

06/09/2014 22:31

For best results when printing this announcement, please click on the link
below:

http://pdf.reuters.com/Regnews/regnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20140729:nRSc5910Na


RNS Number : 5910N
Paternoster Resources PLC
29 July 2014 
 
PATERNOSTER RESOURCES PLC 
 
("Paternoster" or the "Company") 
 
Trading update 
 
Paternoster Resources plc, the AIM quoted investment company, whose aim is to
generate value by investing in the natural resources sector, is pleased to
provide the following update on the recent progress it has made in reshaping
certain of its investments and setting them on new and exciting paths for
growth. 
 
MX Oil plc (AIM: MXO) 
 
Since the Q2 2014 placing and raising of circa £1million in new funds, MX Oil
(formerly Astar Minerals plc) has made very good progress in pursing its
strategy of focusing on oil and gas opportunities in Mexico.  In particular,
it has signed heads of terms in connection with a proposed joint venture with
Geo Estratos, an established Mexican oil and gas services company.  The
company is now well placed to take part in the reform and opening up of the
energy market in Mexico.  The share price of MX Oil has increased by over 200%
since the placing in March 2014 when the company adopted this revised focus
and the board was strengthened.  Paternoster currently holds 8.6 million
shares, now worth approximately £273,000. 
 
Metal Tiger plc (AIM: MTR) 
 
In June this year, Metal Tiger (formerly Brady Exploration plc) raised circa
£400,000 of new funds and is now focused on investment opportunities in the
mining sector in the South East Asia region.  The new management team has
access to a number of potential opportunities in this region.  Confidence in
the company's strategy has been clearly demonstrated by the current board
actively acquiring shares in the company.  In terms of Paternoster's
investment, the Company decided to convert part of its loan to Metal Tiger
into new shares at the recent placing price of 0.5p - the shares are currently
trading at a 60% premium to this price.  The Company currently holds 27.0
million shares, now worth approximately £216,000. 
 
A more comprehensive review of the Company's investment portfolio will be
included as part of the publication of the half year results which will be
announced in the very near future. 
 
For more information please contact: 
 
Paternoster Resources Plc:                                                    
 +44 (0) 20 7580 7576 
 
Nicholas Lee, Chairman 
 
Nominated Adviser and Joint Broker:                                    +44 (0)
20 7601 6100 
 
Westhouse Securities 
 
Antonio Bossi/David Coaten 
 
Joint Broker:                                                                 
              +44 (0) 20 7562 3351 
 
Peterhouse Corporate Finance 
 
Lucy Williams 
 
This information is provided by RNS
The company news service from the London Stock Exchange