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18 Jan 2011 07:00
18 January 2011
African Minerals Limited
("African Minerals" or the "Company")
Additional Listing on Exercise of Subscription Rights
African Minerals Limited (AIM:AMI) announces that, further to its press release of 11 January 2011 6,991,450 new common shares of US$0.01 each ("New Common Shares") have been issued and allotted pursuant to the exercise by China Railway Materials Commercial Corporation ("CRM") of its rights under the Subscription Agreement between CRM and the Company dated 31 March 2010.
Application has been made for the New Common Shares to be admitted to trading and these will rank pari passu with the Company's existing common shares. Admission of the New Common Shares to AIM is expected on 20 January 2011.
As CRM is a significant shareholder in the Company, the subscription for New Ordinary Shares by CRM constitutes a related party transaction as defined by the AIM Rules for Companies. Accordingly, the Directors, having consulted with the Company's nominated adviser, consider that the terms of the subscription by CRM are fair and reasonable in so far as the Company's shareholders as a whole are concerned.
Subsequent to the issuance of these New Common Shares, African Minerals will have 324,650,726 common shares in issue.
Contacts
African Minerals Limited +44 20 7104 2280
Alan Watling / Miguel Perry
Canaccord Genuity Limited +44 20 7050 6500
Robert Finlay / Guy Blakeney
Pelham Bell Pottinger Public Relations +44 20 7861 3232
Klara Kaczmarek / Philippe Polman
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