Last checked at 2 Jul 2008 10:00
2 July 2008
Amur Minerals Corporation
(AIM: AMC)
PLACING TO RAISE £1 MILLION
(the "Placing")
Amur Minerals Corporation ("Amur" or the "Company") has raised £1.02 million by way of a placing of 6 million ordinary shares (the "Placing Shares") at 17p ("Placing Price"). Fox-Davies Capital Limited has, as co-broker for the Company, procured the subscribers for the placing. Black River Asset Management LLP has subscribed for the entire placing, representing 5 per cent. of the enlarged share capital of the Company.
Amur intends to use the proceeds of the Placing primarily to fund the ongoing exploration and development work at Kun-Manie, the Company's main nickel exploration project in the Amur region of Far East Russia. The proceeds will also be used for general operating expenses.
The Placing Price of 17 pence per share represents a 1.5 per cent. premium to the middle market closing price of 16.75 pence per share on 1 July 2008. Following the admission of the Placing Shares to trading on AIM, the Company will have 121,703,938 shares in issue.
Application has been made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM. It is expected that Admission will become effective and that trading will commence on 7 July 2008. The Placing Shares will, when issued and fully paid, rank pari passu in all respects with the Company's existing shares, including the right to receive any dividend or other distribution thereafter declared, made or paid.
Robin Young, CEO of Amur, stated:
"It is another exceptionally strong endorsement for Amur that we can raise capital at a premium to the share price for the second time this year. We are delighted to welcome Black River as a new and significant shareholder to the Company."
Enquiries:
| Company Amur Minerals Corp. | Co-Broker Fox-Davies Capital Limited | Nomad and Co-Broker RBC Capital Markets | Public Relations Lothbury Financial |
| Robin Young | Daniel Fox-Davies | Andrew Smith | Michael Padley |
| CEO | Martin Eales | Louise Davis | |
| +7 (495) 629 4418 +44 (7981) 126 818 | +44 (0) 20 7936 5200 | +44 (0) 20 7029 7881 | +44 (0) 20 7011 9411 |
Notes to Editors
Amur Minerals Corporation is a mineral resource development company focused on base metal projects located in the far east of Russia where it has three projects. Its recent JORC compliant resource estimate for its flagship Kun-Manie project is 341,000 tonnes of contained nickel and 95,500 tonnes of copper and this is expected to increase as further exploration is completed. This resource, which has been achieved in only 16 months of field work, makes Kun-Manie one of the largest new nickel sulphide discoveries since Voisey's Bay.
In December 2007, Amur received the results of an independently compiled pre-feasibility study, which conservatively indicates a Post Tax NPV (10%) of $84 million with an IRR of 15.7%. The study contemplates producing 16,000 tonnes of nickel per year in concentrate from three deposits drilled to date on the Kun-Manie license as well as noting considerable upside potential.
For further information about Amur, please visit the Company's website at www.amurminerals.com.