Last checked at 29 Dec 2009 07:30
Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining
29 December 2009
Anglo Asian Mining plc ('Anglo Asian' or 'the Company')
Issue of shares to a director and cancellation of debt
Anglo Asian Mining plc, the AIM listed emerging gold producer, announces the issue of 1,973,028 new ordinary shares of one pence in Anglo Asian (the 'New Shares') today to Reza Vaziri, the chief executive of the Company. On issue of the shares, US$300,000 of debt which was owed to Mr Vaziri through Azerbaijan International Mining Company Limited (a 100% indirectly owned subsidiary of the Company) will be cancelled. The New Shares were issued at 9.38 pence each, being the closing price for the Company on 18 December 2009.
Following the issue of the New Shares, Mr Vaziri will hold an interest of 30.17% in the issued share capital of the Company. The remaining debt owed to him by the Company and its subsidiaries following the cancellation of the US$300,000 of debt will be US$1,138,764.78.
Application has been made for the New Shares to be admitted to trading on AIM, which is expected to occur on 30 December 2009.
The Company's Total Voting Capital following the admission of the new Ordinary Shares will be 108,717,325 Ordinary Shares. Given the Company's AIM quoted status and the overseas nature of its operations and board, the Directors are of the opinion that the City Code on Takeovers and Mergers does not presently apply to the Company.
Except as disclosed above, no further notifications are required pursuant to Rule 17 and Schedule 5 of the AIM Rules for Companies.
**ENDS**
For further information please visit www.aamining.com or contact:
| Reza Vaziri | Anglo Asian Mining plc | Tel: +994 12 596 3350 |
| Andrew Herbert | Anglo Asian Mining plc | Tel: +994 12 596 3350 |
| John Harrison | Numis Securities Limited, as Nominated Adviser | Tel: +44 (0) 20 7260 1000 |
| James Black | Numis Securities Limited, as Corporate Broker | Tel: +44 (0) 20 7260 1000 |
| Hugo de Salis | St Brides Media & Finance Ltd | Tel: +44 (0) 20 7236 1177 |
| Felicity Edwards | St Brides Media & Finance Ltd | Tel: +44 (0) 20 7236 1177 |
Notes:
Anglo Asian Mining plc (AIM:AAZ) is an emerging gold producer in Central Asia with a broad portfolio of production and exploration assets in Azerbaijan. The Company has a 1,962 sq km prospective exploration portfolio, assembled on the back of analysis of historic Soviet geological data and held under a Production Sharing Agreement ('PSA') based on the Azeri oil industry. The Company developed Azerbaijan's first operating gold/copper mine, Gedabek, which commenced gold production in May 2009 and is targeted to produce in excess of 300,000 oz gold in the first six years of production.
Anglo Asian is actively looking to exploit its first mover advantage in Azerbaijan to identify additional projects, as well as looking for other properties in Central Asia and Caucasia in order to fulfil its expansion ambitions and become a mid-tier gold and base metal production company focussed in these regions.