Anglesey settles GBP4 million of debt through Energold investment

(Alliance News) -Anglesey Mining PLC has announced the completion of its debt restructuring transaction, which has eliminated GBP4 million of liabilities from its company balance sheet.

Shares in the company closed up 33% at 6.99 pence each in London on Wednesday.

The Anglesey, Wales-based minerals and exploration development company now has no outstanding debt outside of GBP100,000 secured against a residential property at Parys Mountain in Anglesey.

Energold Group completed an investment in connection with the restructuring of GBP350,000 at the end of last year, through the purchase of exchangeable warrants priced at 7.6 pence each. This led to a consolidation whereby every ten ordinary shares was replaced by one ordinary share, effective February 13.

The consolidation allows Energold the right to exchange some or all of its warrants for ordinary shares on a one-to-one basis. Should Energold exercise all of its warrants, it would control 27% of the enlarged share capital of Anglesey.

This agreement led to the transfer of previous shareholdings in Angmag AB to Energold. It was subject to approval by Swedish authorities, which it has now received.

Anglesey said this allows it to focus on their Parys Mountain copper-zinc-lead-gold project, which is wholly owned by the company.

"We have turned a corner at Anglesey by eliminating the debt long overhanging our balance sheet. We are now well positioned to focus entirely on our core asset, the Parys Mountain copper-zinc-lead-gold project and to deliver an exploration and development strategy for our shareholders," said Rob Marsden, Chief Executive of Anglesey Mining PLC.

By Abena Oppon, Alliance News reporter

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