Aurum Mining PLC Issue of Equity (3765K)
September 21 2016 - 2:00AM
UK Regulatory
TIDMAUR
RNS Number : 3765K
Aurum Mining PLC
21 September 2016
21 September 2016
AURUM MINING PLC
("Aurum" or the "Company")
GBP1.2m oversubscribed placing to provide working capital
Aurum Mining plc (AIM: AUR), the Spanish focused gold and
tungsten explorer, announces that it is proposing to raise
GBP1,195,000 (before expenses) by way of an oversubscribed
conditional placing of 119,500,000 ordinary shares of 1 pence each
at a price of 1 pence per share (the "Conditional Placing").
This announcement includes inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
The Conditional Placing represents a discount of approximately 5
per cent. compared with the mid-market price of 1.05 pence per
share at which the Ordinary Shares were quoted on AIM as at close
of trading on 20 September 2016, the last trading day prior to
announcement of the Conditional Placing.
The Conditional Placing is conditional upon, inter alia,
Resolutions numbers 4 and 5 set out in the Notice of the 2016
Annual General Meeting (the "2016 AGM") being passed at the 2016
AGM convened to be held on 29 September 2016 and admission to
trading on AIM.
The net proceeds of the Conditional Placing will be used to
provide on-going working capital for the Company.
Directors David Williams, and Chris Eadie (via his wife) are
seeking to participate in the Conditional Placing to the value of
GBP300,000 and GBP35,000 respectively, which constitutes a related
party transaction in accordance with AIM Rule 13. The Independent
Directors, being the Directors other than David Williams and Chris
Eadie, having consulted with the Company's nominated adviser WH
Ireland, consider the terms of the transaction with David Williams
and Chris Eadie to be fair and reasonable insofar as its
shareholders are concerned.
David Williams, Chairman, commented on the Conditional Placing:
"As noted in my Chairman's statement in our recently published 2016
Annual Report, it has been my intention to raise sufficient funds
to enable the Board to identify a suitable opportunity which will
enhance the value of our Company.
"I have been delighted with the support for this fund raise and
look forward to working on our shareholders' behalf on the next
chapter of our Company's future."
Contacts:
Aurum Mining plc www.aurummining.net
David Williams +44 (0) 797 014 8016
Chris Eadie +44 (0) 796 820 9298
WH Ireland Limited Nominated Adviser &
Broker
Mike Coe, Ed Allsopp +44 (0) 117 945 3470
Notes to Editors:
Aurum Mining is an AIM listed exploration and development
company focused on its highly prospective portfolio of gold and
tungsten assets in North West Spain.
Gold
Through its joint venture agreement with Ormonde Mining plc
(AIM: ORM), Aurum currently has a 56.5% interest in the Pino de Oro
project in Zamora Province and a 51.4% interest in the Peralonso
and Cabeza projects in Salamanca Province.
Tungsten
Aurum's 20% owned Morille Tungsten project is located
approximately 15km south west of Salamanca in North West Spain and
covers an area of 5,796 hectares. The permit area is a 'brownfield'
site with historical data indicating production from the site of
high quality tungsten concentrates.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IOEURSNRNUAKUAR
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