FinnAust Mining PLC Exercise of Warrants & Issue of Equity (5474X)
February 22 2017 - 5:00AM
UK Regulatory
TIDMFAM
RNS Number : 5474X
FinnAust Mining PLC
22 February 2017
FinnAust Mining plc / EPIC: FAM / Market: AIM / Sector:
Mining
22 February 2017
FinnAust Mining plc ('FinnAust' or the 'Company')
Exercise of Warrants & Issue of Equity
FinnAust Mining plc, the AIM and FSE listed company with
projects in Greenland and Finland, announces that it has received
notification from a warrant holder to exercise warrants over
1,000,000 new ordinary shares of 0.001 pence each in the share
capital of the Company (the 'New Ordinary Shares') at a price of 2
pence per share. Accordingly the Company has today issued the New
Ordinary Shares to the warrant holder for an aggregate cash value
of GBP20,000.
Application has been made for the New Ordinary Shares to be
admitted to trading on the AIM market of the London Stock Exchange
('Admission'). Admission is expected to occur on or around 28
February 2017.
Total voting rights
Following the issue of the New Ordinary Shares, the total issued
share capital of the Company consists of 620,169,499 ordinary
shares of 0.01p each ("Ordinary Shares") with voting rights. The
Company does not hold any Ordinary Shares in treasury. Therefore,
the total number of voting rights in the Company is 620,169,499 and
this figure may be used by shareholders in the Company as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change in their
interest in, the share capital of the Company under the FCA's
Disclosure and Transparency Rules.
**ENDS**
For further information please visit www.finnaust.com or
contact:
FinnAust Mining +44 (0) 20 7907
Roderick McIllree plc 9326
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FinnAust Mining +44 (0) 20 7907
Graham Marshall plc 9326
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SP Angel Corporate +44 (0) 20 3470
Ewan Leggat Finance LLP 0470
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SP Angel Corporate +44 (0) 20 3470
Laura Harrison Finance LLP 0470
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St Brides Partners +44 (0) 20 7236
Elisabeth Cowell Ltd 1177
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St Brides Partners +44 (0) 20 7236
Charlotte Page Ltd 1177
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Notes
FinnAust has a number of highly prospective licences at various
stages of development in Greenland and Finland. The Company is dual
listed on the London AIM market and Frankfurt Stock Exchange.
The Company is currently focussed on advancing the Pituffik
Project in Greenland, an area that has only recently revealed its
mineral potential following changes in the climate. Pituffik, which
FinnAust conditionally acquired in December 2015, has demonstrated
the potential to be in the top percentile of projects worldwide in
terms of heavy mineral grade.
Pituffik comprises three main target areas along an >80km
coastline historically proven to contain large and high-grade
accumulations of primary ilmenite occurring as placer deposits in
the following environments:
-- Raised beaches; containing ilmenite accumulations over widths
of more than 1km, of unknown depths, along more than 20km of
coastline;
-- Active beaches; which refer to the area seaward of the
frontal dunes, including the beach, tidal zones and surf zone -
historically samples from this area have achieved 70% ilmenite by
weight; and
-- Drowned beaches; refers to the areas seaward of active beaches.
The Company's strategy is focused on the production of a bulk
sample "proof of concept" from the Pituffik Project in 2017 with
the aim of ultimately generating cash flow to create a company
capable of self-funding exploration on future acquisitions.
FinnAust has an interest in 60% of Bluejay Mining Limited the
holder of the Pituffik exploration licence and has an option to
acquire the remaining 40%.
FinnAust also holds a 100% interest in a portfolio of copper,
zinc and nickel projects in Finland. This multi-commodity portfolio
remains a strategic asset of importance and has been restructured
to be cost-sustainable whilst determining the best plan for future
development.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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