RNS Number:7305U
Ocean Resources Capital HoldingsPLC
28 January 2004


Re-Pricing and Extension of Exercise Period of Warrants

On 28 February 2003 the issue took place by Ocean Resources Capital Holdings plc
("the Company") of ordinary shares of 1p each in its capital ("Ordinary Shares")
together with attached warrants.  On 6 October 2003 the warrants were detached
from the Ordinary Shares and were admitted to trading on the Alternative
Investment Market of London Stock Exchange plc.  As at the date hereof these are
28,413,659 warrants in issue exercisable at 75p per warrant ("the Initial
Exercise Price") at any time up to 28 February 2004 ("the Initial Exercise
Period") ("the Initial Exercise Right").  Upon exercise, in addition to the new
Ordinary Share issued in respect of each warrant exercised, a further warrant
will be issued ("the Further Exercise Right") entitling the warrant holder to
acquire a further Ordinary Share at an exercise price of #1 ("the Further
Exercise Price") up to 28 February 2005 ("the Further Exercise Period").

Currently the Company's Ordinary Share price is below the Initial Exercise Price
and in the short period to the end of the Initial Exercise Period it is unlikely
that any warrants will be exercised.

The Directors believe that it is in the best interests of the Company, the
shareholders and warrant holders, that the Initial Exercise Period be extended
by 18 months and the Initial Exercise Price be reduced to 55p and that the
Further Exercise Period be extended to be one year beyond the end of the Initial
Exercise Period and the Further Exercise Price be reduced to 80p.  Extending the
exercise periods and reducing the exercise prices may give the Company access to
additional capital, should any of the warrant holders choose to exercise the
warrants during the extended periods.

Accordingly at a board meeting held today 28 January 2004 the directors
authorised the issue notices of meetings of shareholders and warrant holders to
be held on 25 February 2004 will be posted tomorrow proposing resolution to
effect such changes in the warrant terms.

A copy of letters to shareholders and warrant holders containing  the notices of
meeting will be available from the Company at Ocean House for one month from the
date hereof.




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