African Eagle Resources Regulatory News (AFE)

24 Aug 2007 09:47

African Eagle Resources PLC24 August 2007 24 August 2007 African Eagle Resources lists on the Alternative Exchange of the Johannesburg Stock Exchange (AltX) ("African Eagle" or "the Company") Highlights •Largest capital-raising on AltX by an exploration and development company •Placement of 53 457 310 shares at R1.95 a share to raise R104.2 million •The Company's exploration programme now fully funded for the next 24 months •About 30% of African Eagle's shareholder register is now in South African investors' hands African Eagle Resources plc (AIM: AFE, AltX: AEA), a mineral exploration anddevelopment company with projects in Zambia, Tanzania and Mozambique, lists onthe Alternative Exchange of the Johannesburg Stock Exchange (AltX) todayfollowing a placement of 53 457 310 shares at a price of R1.95 a share. Commenting today, African Eagle Chairman John Park said "We are enormously proudto be notching up some important AltX firsts. "We are the first AIM-listed resource company without South African assets orprevious South African connections to list on AltX and ours is the biggestcapital-raising to date on AltX by an exploration and development company." Park added "The relative ease of meeting AltX's requirements, coupled with theSouth African market's understanding of mining and Africa, and its strongappetite for exploration ranked high amongst African Eagle's reasons forchoosing AltX over other options." Reflecting the last of these points, he said, was the company's 'remarkable'success in raising a total of R88 million through a private placement of45 457 310 African Eagle shares with South African investors prior to the AltXlisting. The other 8 000 000 shares were placed with JP Morgan, a longstandingUK shareholder. The raising means African Eagle can now show some 30% of its shareholderregister as being in South African hands. The capital raised means AfricanEagle's exploration programme will be fully funded over the next 24 months, andthe company will have enough capital to bring various projects to feasibilitystage. Noah Greenhill, Head of Marketing and Business Development at the JSE said: "Webelieve it is testimony to the quality of AltX that African Eagle is the firstcompany with no South African assets to dual-list on the JSE. We are delighted that it is an African, resource-based company. Capital has beenraised in South Africa and we offer an environment in which there is liquiditywithout added regulatory burden." For further information: Mark Parker Managing Director, African Eagle +44 20 7248 6059 +44 77 5640 6899 Nicola Marrin Seymour Pierce +44 20 7107 8000 Ed Portman / Leesa Peters Conduit PR, London +44 20 7429 6607 James Duncan Russell & Associates, Johannesburg + 27 11 8803924 / +27 82 8928052 About African Eagle - African Eagle is a mineral exploration and development company operating ineastern and central Africa. The Company's principal advanced projects are theMkushi Copper Mines project in Zambia and the Miyabi gold project in Tanzania, which are being fast-tracking towards production. The Company also holds a largewell-balanced portfolio of promising earlier stage gold and base metalprojects, including the Ndola copper project and the Eagle Eye iron-oxide coppergold project. African Eagle's projects are in Zambia, Tanzania and Mozambique, countries whichall have highly prospective geology, relatively low above-ground risks andtrack records of successful major investments in the metals and minerals industries. African Eagle specialises in project generation and exploration. To take itsdiscoveries into production, it seeks to sign up industry partners with recordsof successful mine development. These joint ventures and, in time, the revenue from advanced projects, will finance future exploration and new discoveries. The Company has a highly motivated team, proven management and an experiencedboard. African Eagle prides itself on being a low cost operator and on average80p or more of every £1 is spent "in the ground". This information is provided by RNS The company news service from the London Stock Exchange