The Board of Aminex has agreed the terms of a placing of 250 million new Ordinary Shares at Stg8p per Ordinary Share (the "Placing Shares") to raise gross proceeds of approximately Stg£20 million (approximately US$31.8 million based on 1.59 £/US$ exchange rate) (the "Placing"). The Placing will represent approximately 55% of the existing issued share capital.

The Board also announces its intention to give Aminex shareholders an opportunity to participate in the fundraising by way of a 1 for 6 Open Offer of up to 75,667,826 new Ordinary Shares of nominal value €0.06 each at a price of Stg8p each ('Open Offer Shares') to raise up to approximately an additional Stg£6m (approximately US$9.6million) (the 'Open Offer') before expenses.

Participants in the Placing will not have an entitlement to participate in the Open Offer in respect of their Placing Shares. Shareholders will be able to apply under the Open Offer for new Ordinary Shares in excess of their entitlements.

To the extent that excess applications are received, such applications will be scaled back pro rata such that funds raised from the Open Offer will not exceed approximately Stg£6 million. Davy and Shore Capital have reserved the right to place any unsubscribed Open Offer Shares for the benefit of the Company at the Placing Price of Stg8p, for a period of up to 7 days following the closing date of the Open Offer.

Tags: Aminex PLC