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Anglesey Mining set to own 19.7% stake in LIM

Last updated: 14:34 06 Nov 2012 GMT, First published: 15:34 06 Nov 2012 GMT

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Anglesey Mining (LON:AYM) is to own 19.7% of its associate LIM (Labrador Iron Mines), it said, now the Canadian firm's C$30 million financing has now closed.

Anglesey bought 1.5 mln LIM shares at C$1 each for C$1.5 million, saying it made the investment as it believes LIM has a very positive future.

It believes its remaining working capital is enough to sustain the company and finance the completion of the scoping study on its Parys Mountain currently in progress.

Chief executive of Anglesey, Bill Hooley said: "We are pleased to participate in this financing which has permitted our holding in LIM, which we believe to be significant and strategic, to be maintained as high as possible. 

"However at just under 20% we are no longer restricted by many Canadian regulations and we are freer to deal our position if considered prudent. 

"We will continue to use our strategic position in LIM to ensure the best possible outcome for Anglesey shareholders and we have no current intention of reducing this holding."

LIM issued 30 million shares at C$1 each.

Shares rose 1.28% at 7.90 pence.

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on 21/6/23