Emed Mining
EMED completes share transfer, board apppointments
EMED Mining, the gold and copper exploration and development company, announced that it had successfully transferred 7.6 million shares to two of its largest shareholders.
EMED recently issued approximately 39 million shares to the MRI Group, a global commodity trading and investment group, to consolidate the ownership of the Rio Tinto copper mine in Spain. As part of the agreement, EMED also agreed to place 7.6 million of the shares held by MRI Group with other shareholders. Today EMED confirmed that it had placed the stock with OZ Minerals (ASX: OZL), Australia’s third largest mining company, and Resource Capital Funds, a US and Australian natural resources private equity fund. The shares changed hands at 18 pence per share.
Following the share transfer and on a fully diluted basis, MRI Group holds 11.4%, OZ Minerals 9.7% and Resource Capital Funds 12.7%. Other substantial shareholders include Atima (5%), RMB (4%) and Fidelity (4%).
EMED also confirmed that Ross Bhappu of Resource Capital Funds and Ashwath Mehra or MRI Group had joined the board as non-executive directors.
Harry Anagnostaras-Adams, MD of EMED said, 'EMED Mining continues its preparations for the expected start of copper production in Spain and our building of a European-based mining house. The turmoil in world financial markets serves to highlight the importance of the Company's strong shareholder base which is dominated by mining industry specialists. We also look forward to welcoming Ross Bhappu of leading mining investment group RCF to our Board along with Ashwath Mehra of leading international metals trader MRI Group.'
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