LMY Lithic Metals (SEE LSE:AFNR)

    RNS Number : 9687K
  Lithic Metals and Energy Limited
  31 December 2008
   

    Lithic Metals and Energy 
    ("Lithic" or "the Company")

    Equity Buy Back
    Change of Directors' Holdings
    Change of Number of Shares in Issue


    Lithic Metals and Energy (AIM: LMY) today announces that it has purchased 26,000,000 ordinary shares in the Company ("Ordinary Shares"),
at a price of 0.5p per share (the "Buy Back Shares").  Pursuant to the Bermudan Companies Act, the Buy Back Shares are deemed to be
immediately cancelled at the date of the buy back, so that the total number of shares of the Company now in issue is 126,305,446 Ordinary
Shares.

    The Buy Back Shares represent the shareholding of Zambezi Resources Limited, which was purchased at short notice by certain directors
and employees of Lithic and others at a price of 0.5p on 28 October 2008, in response to an offer from Zambezi Resources Limited. The
directors of the Company believe that all shareholders should benefit from the value that the transaction represented and have effected the
buy back to achieve this goal. 

    The following directors disposed of shares in the buy back:

 Director        Shares Disposed  Resultant             Percentage of issued share capital
                                  Shareholding
 James Kerr      9,000,000        0                     0
 Iain Rawlinson  6,500,000        3,076,923             2.4%
 David Lunt      1,500,000        0                     0

    Commenting today, Lithic Managing Director Jim Kerr said "As a management group, we took the expedient action of securing the large
equity overhang held by Zambezi Resources in our Company in difficult market conditions. This action was deemed necessary at the time to
stabilise the company's shareholding and its Zambian investments.  Now that close period restrictions imposed on the Company immediately
following the initial transaction have ended, the directors have resolved to pass the significant benefit of this transaction on to all
shareholders through the buyback arrangement." 

    For further information, please contact:

 Jim Kerr, Lithic Metals & Energy                     Tel: +61 8 9322 5804
 David Youngman / Katy Mitchell, WH Ireland Limited   Tel: +44 (0)161 832 2714
   
 Laurence Read / Beth Harris, Threadneedle            Tel: +44 (0)20 7653 9850
 Communications


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