MANO RIVER RESOURCES RAISES £120,000 AND SYNERGY ASSET MANAGEMENT TAKE 16% STAKE
Fillyaboots Articles

From: Dale
ArtDate: 21 May 2002
Section: (FILLYABOOTS NEWS RELEASES)
Remote Name: 195.92.168.169
Date: 24/05/02
Time: 13:52

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21st May 2002

MANO RIVER RESOURCES RAISES £120,000 AND SYNERGY ASSET MANAGEMENT TAKE 16% STAKE

News Item - St. Brides Media and Finance Ltd

Mano River Resources, the AIM listed diamond and gold exploration company has raised £120,000 through a placing of 3,000,000 shares at £0.04p. The proceeds will be used to continue the Company’s exploration programme over its range of promising hard rock gold and diamond targets in the Mano River Union countries, fund possible exploration Joint Ventures (JVs) and increase working capital.

Mano River Resources aims to create shareholder value through the identification, exploration and development of high quality hard-rock gold and diamond deposits mainly in West Africa. The company holds a large portfolio of diamond and gold properties in the Mano River Union countries of Sierra Leone, Liberia and Guinea. It recently signed a JV with mining and exploration investment fund specialists Golden Prospect Plc to explore both companies’ licences in the Sonfon region of central Sierra Leone.

Synergy Asset Management Group of Geneva, through its subsidiary Mining Capital Partners Ltd, has also acquired from various parties 17,282,233 common shares of Mano River Resources at an average price of £0.066 per share representing approximately 16.5% of the issued share capital.

Synergy Asset Management is beneficially owned by Mr G Catsiapis and Mr el Solh, and is engaged in alternative fund management including hedge fund related and capital guarantee products. Its CEO, Mr el Solh, was a Vice-President for Merrill Lynch Private Banking Middle East & Africa for eight years, and was previously with JP Morgan for five years.

Mano has also approved arrangements reached with a number of parties to satisfy US$294,395 of debt with Mano shares at a price of GB£0.04. The debt settlement, in combination with the current private placements, will strengthen Mano’s financial position as it aggressively pursues exploration of its promising mineral properties.

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