ANGLESEY MINING PLC - Placing of new shares for £0.2 million
Placing of New Shares for £0.2 million
is pleased to announce that it has today entered into a placing agreement to issue 9,367,681 new ordinary shares, representing approximately 5.3% of the company’s current issued share capital, at per share in a placement to institutions, to raise a total of £200,000 gross and £180,000 net. The placing price represents a discount of approximately 9.1 per cent. to the closing middle market price of per ordinary share at the close of business on .
The proceeds of issue will be used for project development of its 100% owned zinc-copper-lead deposit in , and for general working capital.
property is a significant zinc, copper and lead deposit with small amounts of silver and gold, with a reported a resource of 2.1 million tonnes at 6.9% combined base metals in the indicated category and 4.1 million tonnes at 5.0% combined base metals in the inferred category. An Optimisation Study on the is currently being prepared by QME Mine Engineering Services and this is expected to be completed by the middle of the current year.
The directors have authorised the proposed issue of the new shares under the dispensation approved at the last AGM on . The new ordinary shares of each to be issued in respect of this transaction will rank pari passu with the existing ordinary shares of the company. The transaction is conditional on the admission of the new ordinary shares to the Official List and to trading on the London Stock Exchange’s main market.
Application will be made for these shares to be admitted to both the Official List and to trading on the London Stock Exchange’s main market for listed securities and it is expected that such admission will become effective and dealings will commence on or after .
Following the allotment of these new ordinary shares becoming unconditional, the issued ordinary share capital of the company will be 186,975,732 ordinary shares of each with voting rights; there are no shares held in treasury. This figure may be used by shareholders as the denominator for the calculations which will determine whether they are required to notify their interest in the company, or any change to that interest, under the Financial Conduct Authority’s Disclosure and Transparency Rules.
, CEO, stated “We are very pleased to announce this financing, which represents significant support for , and we look forward to completion of the optimisation study and to expedite development of the Parys Mountain project.”
Anglesey is carrying out development and exploration work at its 100% owned Parys Mountain zinc-copper-lead deposit in , with a reported resource of 2.1 million tonnes at 6.9% combined base metals in the indicated category and 4.1 million tonnes at 5.0% combined base metals in the inferred category
Anglesey holds an 8.7% interest, and management rights to the Grangesberg Iron project in , together with a right of first refusal to increase its interest by a further 50.1%.
Anglesey also holds 12% of Labrador Iron Mines Holdings Limited which holds direct shipping iron ore deposits in and .
For further information, please contact:
, Chief Executive +44 (0)7785-572517
, Finance Director +44 (0)7740-932766
, SVS Securities+44 (0)203-7000078
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