Anglo-African Minerals plc: Rights Issue
DGAP-News: Anglo-African Minerals plc / Key word(s): Funds/Corporate
Action
Anglo-African Minerals plc: Rights Issue
25.11.2011 / 19:37
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Company: Anglo-African Minerals plc
Symbol: FSE: AMQ,
ISIN: IE00B66ML191
WKN A0N9YH
Release Date: 8 July 2011
Anglo-African Minerals Plc - Rights Issue
The Directors of Anglo-African Minerals plc (FSE: AMQ) the special
situations mining investment company announces a proposed 1 for 5 Rights
Issue of 10,583,279New Ordinary Shares at EUR0.10 per Ordinary Share to
raise EUR1,008,328 (net of expenses) . The price of EUR0.10 per Ordinary
Share represents an eighty-five per cent. discount to the closing price of
an Ordinary Share of EUR0.68 on 6 July 2011 (being the latest practicable
date prior to the announcement of the Rights Issue). The Rights Issue is
underwritten.
There have been a number of developments since November 2010 when the
Company acquired its 62 per cent interest in Toubal Group Limited, which
owns all of the issued shares of Tougué Bauxite and Alumina Corporation
S.A. (TBAL), a company incorporated in Guinea. TBAL owns a bauxite
exploration permit covering 1,500 km2 close to the town of Tougué.
The Directors believe that this permit area has the potential to become a
very significant bauxite resource on a global scale. Bauxite is the raw
material for the production of aluminium. Under the terms of the Toubal
shareholder's agreement (with four shareholders who collectively own the
remaining 38 per cent. of Toubal) the Company is required to spend US$2
million (EUR1.4 million) on developing TBAL. To that end the Company has
raised secured debt finance of up to EUR1.25 million, with an option to
convert in to ordinary shares at EUR0.25 per share, which has been largely
drawn to finance confirmatory drilling and test work on the TBAL licence
with a view to upgrading the historic resource data to acceptable western
standards. Some of the Rights Issue funds may be used to repay the
borrowings should the debt not be converted into Ordinary Shares at the
time of a listing of the issued share capital of Toubal on a recognised
stock exchange, within the fourth quarter of this year.
Contact:
Mr Michael Smith - Chairman of Anglo-African Minerals plc Tel: +44 20
73185383
End of Corporate News
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25.11.2011 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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147748 25.11.2011
DGAP-News: Anglo-African Minerals plc / Key word(s): Funds/Corporate
Action
Anglo-African Minerals plc: Rights Issue
25.11.2011 / 19:37
---------------------------------------------------------------------
Company: Anglo-African Minerals plc
Symbol: FSE: AMQ,
ISIN: IE00B66ML191
WKN A0N9YH
Release Date: 8 July 2011
Anglo-African Minerals Plc - Rights Issue
The Directors of Anglo-African Minerals plc (FSE: AMQ) the special
situations mining investment company announces a proposed 1 for 5 Rights
Issue of 10,583,279New Ordinary Shares at EUR0.10 per Ordinary Share to
raise EUR1,008,328 (net of expenses) . The price of EUR0.10 per Ordinary
Share represents an eighty-five per cent. discount to the closing price of
an Ordinary Share of EUR0.68 on 6 July 2011 (being the latest practicable
date prior to the announcement of the Rights Issue). The Rights Issue is
underwritten.
There have been a number of developments since November 2010 when the
Company acquired its 62 per cent interest in Toubal Group Limited, which
owns all of the issued shares of Tougué Bauxite and Alumina Corporation
S.A. (TBAL), a company incorporated in Guinea. TBAL owns a bauxite
exploration permit covering 1,500 km2 close to the town of Tougué.
The Directors believe that this permit area has the potential to become a
very significant bauxite resource on a global scale. Bauxite is the raw
material for the production of aluminium. Under the terms of the Toubal
shareholder's agreement (with four shareholders who collectively own the
remaining 38 per cent. of Toubal) the Company is required to spend US$2
million (EUR1.4 million) on developing TBAL. To that end the Company has
raised secured debt finance of up to EUR1.25 million, with an option to
convert in to ordinary shares at EUR0.25 per share, which has been largely
drawn to finance confirmatory drilling and test work on the TBAL licence
with a view to upgrading the historic resource data to acceptable western
standards. Some of the Rights Issue funds may be used to repay the
borrowings should the debt not be converted into Ordinary Shares at the
time of a listing of the issued share capital of Toubal on a recognised
stock exchange, within the fourth quarter of this year.
Contact:
Mr Michael Smith - Chairman of Anglo-African Minerals plc Tel: +44 20
73185383
End of Corporate News
---------------------------------------------------------------------
25.11.2011 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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147748 25.11.2011