US Wood Pellet Operations
31 Outubro 2007 - 5:01AM
UK Regulatory
RNS Number:6488G
Libra Natural Resources PLC
31 October 2007
Press Release 31 October 2007
Libra Natural Resources plc
("LNR" or "the Company")
Further expansion of US wood pellet operations
Libra Natural Resources plc ("LNR" or "the Company"), the international
renewable wood-to-energy company, is pleased to announce details of a further
expansion of the Company's North American wood pellet business.
Details:
With the publication of LNR's Interim Results on 28 September 2007, your Company
announced details of its proposed acquisition of a profitable wood-chip
production facility in Louisa County, Virginia, USA. As stated at the time, LNR
believes that this investment will provide a spring-board for the creation of a
major US regional wood-pellet business, similar to that which LNR has
successfully developed in British Columbia, Canada.
Against this background, we are delighted to announce today, that LNR has
reached agreement to develop, construct and operate a 75,000 tonnes per annum
wood pellet manufacturing plant, alongside the recently acquired wood -chip
facility, in Virginia, USA. LNR proposes to finance this development through a
series of staged, milestone-related payments, beginning with an initial,
immediate, investment of approximately U$2million. This initial payment will
cover the order and delivery of certain production equipment, to ensure that the
wood pellet plant can commence operation in the middle of 2008.
Once fully in operation, in combination with our existing wood-chip facility,
this new plant is expected to generate in excess of U$16 million p.a. in
additional revenue for LNR, and achieve EBITDA margins approaching 20 per cent.
Placing of convertible bonds
To finance the planned expansion of its North American wood pellet operations,
including the Louisa County facility announced today, the Board of LNR announces
that it has today raised #2.4 million via the issue of 8.0 per cent guaranteed
convertible bonds due 2010 ('Bonds'). These Bonds will rank pari passu with the
existing bonds in issue.
Application has been made to the London Stock Exchange for the admission to AIM
of the Bonds. Dealings are expected to commence on the 31st October 2007.
Following the issue of the above Bonds, there will be a total of #7,900,000
bonds in issue, by principal value.
For further information:
Libra Natural Resources plc
Peter Greensmith, Chief Executive Tel: +44 (0) 20 7877 5040
Landsbanki Securities (UK) Ltd
Nominated Advisor & Joint Broker Tel: +44 (0) 20 7426 9000
Gareth Price/Simon Brown, Corporate Finance
Ambrian Partners Limited
Joint Broker Tel: +44 (0) 20 7776 6400
Shaun Whyte
Media enquiries:
Abchurch
Heather Salmond / Franziska Bohnke Tel: +44 (0) 20 7398 7700
franziska.boehnke@abchurch-group.com www.abchurch-group.com
- Ends -
This information is provided by RNS
The company news service from the London Stock Exchange
END
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