Anglesey Mining PLC Placing of New Shares for GBP0.3 million
November 30 2016 - 02:00AM
UK Regulatory
TIDMAYM
30th November 2016
LSE: AYM
Placing of New Shares for GBP0.3 million
Anglesey Mining plc is pleased to announce that it has today agreed to issue
12,000,000 new ordinary shares, representing approximately 6.95% of the
Company's enlarged issued share capital, at 2.585 pence per share in a
placement to institutions, to raise a total of GBP310,200.
The proceeds of issue will be used for project development of its 100% owned
Parys Mountain zinc-copper-lead deposit in North Wales, UK and for general
working capital.
The Parys Mountain 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 updated
scoping study is currently being prepared by Micon International Limited and
Fairport Engineering Limited, both of which are acknowledged experts and
leaders in the resources sector.
The directors have authorised the issue of the new shares under the
dispensation approved at the last AGM on 28th September 2016. The new ordinary
shares of 1 pence 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 14th December 2016.
Following the allotment of these new ordinary shares becoming unconditional,
the issued ordinary share capital of the company will be 172,608,051 ordinary
shares of 1 pence 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.
Bill Hooley, CEO, stated "We are very pleased to announce this financing, which
represents significant support for Anglesey Mining, and we look forward to
completion of the updated scoping study and to expedite development of the
Parys Mountain project."
About Anglesey Mining plc
Anglesey is carrying out development and exploration work at its 100% owned
Parys Mountain zinc-copper-lead deposit in North Wales, UK 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 a 6% interest and management rights to the Grangesberg Iron
project in Sweden, together with a right of first refusal to increase its
interest by a further 51%.
Anglesey also holds 15.3% of Labrador Iron Mines Holdings Limited which has
direct shipping iron ore deposits in Labrador and Quebec and is currently
undergoing a financial restructuring.
For further information, please contact:
Bill Hooley, Chief Executive +44 (0)1492 541981
Danesh Varma, Finance Director +44 (0)207 653 9881
Elliot Hance, Beaufort Securities+44 (0)207 382 8300
END
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