TIDMMIN



RNS Number : 0692M

Minoan Group PLC

18 May 2010



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                                                                     18 May 2010



                  Minoan Group Plc ("Minoan" or "the Company")

                          Fundraising and Share Issue



Minoan Group Plc, the AIM-quoted leisure resort developer, is pleased to

announce that it has successfully placed 1,375,000 New Ordinary Shares at 16

pence per share with a combination of existing shareholders and new investors,

raising GBP220,000. In addition, in order to satisfy certain existing

commitments, the Company has agreed to issue 717,658 New Ordinary Shares at 16

pence per share. The total number of New Ordinary Shares to be issued,

therefore, is 2,092,658for a total consideration of GBP334,825.



The Directors' beneficial shareholdings are 1,841,223 Ordinary Shares,

representing 2.45 % of the issued share capital as enlarged pursuant to this

fundraising.



Application has been made for the total number of 2,092,658 New Ordinary Shares

to be admitted to trading on AIM ("Admission") and it is expected that Admission

will be effective from21 May 2010. Following Admission, there will be a total of

75,227,447 Ordinary Shares in issue. This figure may be used by shareholders as

the denominator for the calculations by which they will determine if they are

required to notify their interest in, or a change to their interest in, Minoan

under the FSA's Disclosure and Transparency Rules.



Minoan Chairman, Christopher Egleton commented:



"We are delighted with the continued support Minoan is receiving. The net

proceeds of the placing will be used to progress the Cavo Sidero Project and the

Company's plans in renewable energy and the tourism and leisure sector.



In the meantime, the infrastructure in the area surrounding Cavo Sidero

continues to be upgraded and I am pleased to report that the new road linking

the Project to Sitia is expected to be completed in the next few weeks".





For further information visit www.minoangroup.comor contact:



Christopher Egleton                          Minoan Group Plc

christopher.egleton@minoangroup.com

Bill Cole                                           Minoan Group Plc

                                     01689 897397

Nicola Marrin                                   Seymour Pierce Limited

                             020 7107 8000

Sam Tully                                        Seymour Pierce Limited

                               020 7107 8000

Jon Levinson                                    Rivington Street Corporate

Finance Ltd                   07956 671131

Nick Rome/Michael Kinirons             Bishopsgate Communications Ltd

              020 7562 3350







This information is provided by RNS

            The company news service from the London Stock Exchange

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