AFO Afriore

RNS Number:3658X
AfriOre Limited
24 January 2006



41 Roebuck St            Tel: 212-386-5496       Email: info@afriore.com
Bridgetown, Barbados     Fax: 212-386-5425       Web site:www.afriore.com
                         Toll: 800-364-1782


NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE
                                    SERVICES


     AFRIORE ANNOUNCES C$20 MILLION BOUGHT DEAL PRIVATE PLACEMENT FINANCING


24th January 2006


AFRIORE LIMITED (AIM/TSX: AFO) is pleased to announce that it has entered into
an agreement with Westwind Partners Inc. and Canaccord Capital Corporation (the
"Underwriters") which have agreed to purchase, on a bought deal private
placement basis, 5,650,000 common shares of the Company at a price of Cad$3.55
per share, for aggregate gross proceeds of Cad$20,057,500.


The Underwriters intend to appoint an underwriter dealer group consisting of
other registered dealers acceptable to the Company for the purpose of arranging
purchases of the common shares.  The Underwriters will also have the option to
purchase up to an additional 570,000 common shares at the issue price for a
period of up to 48 hours prior to closing for additional gross proceeds of up to
Cad$2,023,500.  The Company plans to use the net proceeds of this financing to
fund advancement of the Company's mineral projects and for general corporate
purposes.


The offering is scheduled to close on or about February 9, 2006 and is subject
to certain conditions including, but not limited to, the receipt of all
necessary approvals including the approval of the Toronto Stock Exchange.


This press release shall not constitute an offer to sell or the solicitation of
an offer to buy nor shall there be any sale of the securities in any State in
which such offer, solicitation or sale would be unlawful. The securities have
not been registered under the United States Securities Act of 1933, as amended,
and may not be offered or sold in the United States absent registration or an
applicable exemption from the registration requirements.


AfriOre is engaged in the acquisition, exploration and development of gold and
platinum exploration properties in Africa. It has gold exploration properties in
South Africa, Namibia and Kenya and the Akanani platinum group metals properties
in South Africa.


AfriOre is listed in Standard & Poor's Corporation Records and furnishes
information to the SEC pursuant to Rule 12g 3-2(b) under the Securities Exchange
Act of 1934.


For further information, please contact:

AfriOre Limited                                  Charles Stanley & Co

Stuart Comline                                   Dugald Carlean

T: +27 83 654 5449                               T: +44(0) 20 7953 2485


Alan Friedman

Tau Capital Corp                                 Parkgreen Communications

T: +1 416 361 9636                               Justine Howarth / Ana Ribeiro

E: friedman@taucapital.com                       T: +44 (0) 20 7493 3713

www.afriore.com


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

MSCAKQKQBBKDADB

Afriore (LSE:AFO)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024

Afriore (LSE:AFO)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024