TIDMAAAM
RNS Number : 8877W
African Aura Mining Inc.
26 November 2010
Friday 26 November 2010
THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR
PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN
THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH SUCH
PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL
TSX-V: AUR
AIM: AAAM
African Aura Mining Inc. ("African Aura" or the "Company")
Result of Fully Underwritten Placing
Further to the announcement earlier today, African Aura is
pleased to announce that 13,515,797 new common shares in the
Company (the "Placing Shares") have been successfully placed by
Evolution Securities Limited ("Evolution") as Global Coordinator,
Sole Book Runner and Sole Underwriter, to institutional and other
investors.
The placing price has been set at 150 pence per share. The
placing price is equivalent to a 2.28 per cent. discount to the
closing mid-market price on the AIM market of the London Stock
Exchange ("AIM") on 25 November 2010. Accordingly, the Placing will
raise gross proceeds of approximately GBP20.3 million
(approximately $32.0 million). The Placing Shares represent
approximately 18.7 per cent. of African Aura's issued share capital
prior to the Placing.
The Placing Shares will be credited as fully paid and will rank
pari passu in all respects with the existing common shares of
African Aura including the right to receive all dividends and other
distributions declared, made or paid after the date of issue.
The Company has applied for admission of the Placing Shares to
trading on AIM. It is expected that such Admission will become
effective and that dealings will commence on 2 December 2010.
Completion of the Placing is also subject to receipt of applicable
regulatory approvals, including the approval of the TSX Venture
Exchange.
About African Aura Mining Inc.
African Aura is an established exploration and development
company listed on the TSX-V (AUR) and London's AIM (AAAM). The
Company operates two divisions, namely iron ore and gold:
- The iron ore division includes its 38.5% interest in the Putu
iron ore project in Liberia, which is moving through
pre-feasibility managed by joint venture partner Severstal
Resources (the mining division of Moscow listed OAO Severstal). In
September 2010 Putu was granted a 25 year renewable Mineral
Development Agreement by the Government of Liberia. The division
also includes a 100% interest in the Nkout iron ore project and
surrounding iron targets in Cameroon which is subject to a resource
definition drilling programme.
- The gold division includes the multi million ounce potential
New Liberty greenstone gold deposit, which is being advanced
through a bankable feasibility study, and the proximal Ndablama,
Weaju, Silver Hills and Gondoja gold projects all within the
Company's Bea Mountain 25 year renewable Mineral Development
Agreement. In addition, the Company presently has a 22% interest in
AIM-listed diamond producer Stellar Diamonds Plc (AIM: STEL,
www.stellar-diamonds.com). The Company has a highly motivated and
experienced team with a track record of discovering mines and
taking projects through development and into production. As a
pioneer, African Aura has attracted some excellent strategic
partners and shareholders, always with the objective of preserving
or enhancing shareholder value. For further information on the
Company you are invited to visit its website at
www.african-aura.com or SEDAR's website at www.sedar.com.
For further information, please contact:
African Aura Mining Inc.
Luis da Silva, President & CEO Tel: +44 (0) 20 7257 2930
Evolution Securities Limited
Simon Edwards / Tim Redfern / Neil Elliot Tel: +44 (0) 20 7071
4300
Pelham Bell Pottinger
Charles Vivian / James MacFarlane Tel: +44 (0) 20 7861 3232
NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT
OF THIS ANNOUNCEMENT.
This Announcement has been issued by and is the sole
responsibility of the Company. No representation or warranty,
express or implied, is or will be made as to, or in relation to,
and no responsibility or liability is or will be accepted by
Evolution or by any of its respective affiliates or agents as to or
in relation to, the accuracy or completeness of this Announcement
or any other written or oral information made available to or
publicly available to any interested party or its advisers, and any
liability therefore is expressly disclaimed.
Evolution is acting as Global Co-ordinator and Sole Bookrunner
in connection with the Placing. Evolution, which is authorised and
regulated by the Financial Services Authority, is acting for the
Company in connection with the Placing and will not be responsible
to anyone other than the Company for providing the protections
afforded to the clients of Evolution nor for providing advice in
relation to the Placing or any other matter referred to herein.
The distribution of this Announcement and the Placing of the
Placing Shares in certain jurisdictions may be restricted by law.
No action has been taken by the Company or Evolution that would
permit an offering of such shares or possession or distribution of
this Announcement or any other offering or publicity material
relating to such shares in any jurisdiction where action for that
purpose is required. Persons into whose possession this
announcement comes are required by the Company and Evolution to
inform themselves about, and to observe, such restrictions.
The information in this Announcement shall not constitute an
offer to sell or the solicitation of an offer to buy, nor shall
there be any sale of, the securities referred to herein in any
jurisdiction in which such offer, solicitation or sale would
require preparation of any prospectus or other offer documentation,
or be unlawful prior to registration, exemption from registration
or qualification under the securities laws of any such
jurisdiction.
No public offer of securities of the Company is being made in
the United Kingdom, the United States, Canada or elsewhere. The
information in this Announcement does not constitute or form a part
of any offer or solicitation to purchase or subscribe for
securities in the United States. The securities mentioned herein
have not been, and will not be, registered under the United States
Securities Act of 1933 (the "Securities Act") nor the security laws
of any state or other jurisdiction of the United States. The
securities mentioned herein may not be offered or sold in the
United States except pursuant to Regulation S under the Securities
Act or another exemption from, or transaction not subject to, the
registration requirements of the Securities Act. There will be no
public offer of securities in the United States.
The information in this Announcement may not be forwarded or
distributed to any other person and may not be reproduced in any
manner whatsoever. Any forwarding, distribution, reproduction, or
disclosure of this information in whole or in part is unauthorised.
Failure to comply with this directive may result in a violation of
the Securities Act or the applicable laws of other
jurisdictions.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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