RNS Number : 9254U
  Angus & Ross PLC
  21 May 2008
   

    21 May 2008
    ANGUS & ROSS PLC
    ("A&R" or "the Company")
    AIM:   AGU.L




    SHORT TERM LOAN FROM CYRUS CAPITAL PARTNERS LP
    TO PROVIDE INTERIM FUNDING OF SECURITY BOND TO SUPPORT ISSUE OF MINING LICENCE FOR THE BLACK ANGEL MINE IN GREENLAND




    A&R announces that it is borrowing $1,650,000 from Cyrus Capital Partners LP (Cyrus).  The loan, which is repayable in three months,
will bear interest at 14% per annum and is subject to an arrangement fee of $150,000.

    Cyrus holds 37.5 million warrants at an exercise price of 20p, with an expiry date of 10th July 2010 and is therefore considered to be a
related party.

    The money will be held in escrow in a deposit account as security for the mine closure bond, which has to be in place before the mining
licence can be issued.

    Having consulted with the Company's Nominated Adviser, the directors consider that the terms of the transaction are fair and reasonable
insofar as shareholders are concerned.   



 Enquiries:




 Angus & Ross plc                                                             
 Robin Andrews, Chairman                                         01751 430 988
 Nicholas Hall, Chief Executive                                  07931 709 053


                                                                              
 Fox-Davies Capital                                              0207 936 5200
 Daniel Fox-Davies
 Richard Hail


  
 Bishopsgate Communications Limited
 Nick Rome                                                                    
                                                                 0207 562 3366

  
 Landsbanki Securities (UK) Limited
 Jeff Keating
 Fred Walsh                                                                   
                                                                 0207 426 9000



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