16 Jun 2005 16:33
Draganfly Investments Ltd16 June 2005 Draganfly Investments Limited ("the Company") 16 June 2005 This is the first announcement of the Company since its admission to AIM on itsNet Asset Value position and to provide an update on recent developments. The Company's Net Asset Value as at 31 May 2005 was £3,098,058.34, resulting ina net asset value per ordinary share of 2.71p. As announced at the time of the purchases on 10 May and 16 May respectively,during May the Company purchased 300,000 shares in Cambrian Mining plc and1,725,000 shares in BDI Mining plc. In the Admission Document of the Company dated 28 April 2005, the Company statedthat it intended to make an investment in Russia Coal Limited ("Russia Coal") of£300,000. Russia Coal was incorporated for the purpose of acquiring an interestin a company which owns coal mining interests in Southern Russia. Thisacquisition is not likely to complete and this investment will now not be made. Enquiries Dennis Edmonds 07796 338 372Peter HarrisDraganfly Investments Limited Stephen Austin 020 7426 9000Teather & Greenwood Limited This information is provided by RNS The company news service from the London Stock Exchange